Stocks up for third day

Stocks gained for the third day yesterday riding on the back of bank, and fuel and power sector shares.

DSEX, the benchmark index of Dhaka Stock Exchange, jumped 60.52 points or 1.26 percent before closing at 4,862.55 points.

The market gained momentum after six sessions of mostly lateral movements, said IDLC Investments.

“The session was upbeat from the beginning as investors eyed a reversal,” the merchant bank said.

Trade picked up as the day progressed, and “engineering, fuel and power, and pharmaceuticals were buzzing with investors, ultimately capturing 54 percent of the day's total turnover,” it added.

Turnover, another important indicator of the market, saw a slight increase of 0.6 percent to stand at Tk 811.71 crore after transactions of 20.73 crore shares and mutual fund units.

Of the traded issues, 201 advanced and 82 declined with 36 securities closing unchanged on the premier bourse.

Appollo Ispat Complex dominated the turnover chart with 1.27 crore shares worth Tk 29.09 crore changing hands, followed by Square Pharma, Lafarge Surma Cement, Beximco Pharma and Jamuna Oil.

Of the major sectors, banks gained 2.83 percent in market capitalisation, followed by engineering gaining 1.82 percent, fuel and power 1.36 percent and textiles 0.84 percent.

Conversely, mutual funds and cement lost 0.46 percent and 0.37 percent.

Beach Hatchery was the day's best performer, gaining 10 percent, while First Bangladesh Fixed Income Fund was the worst loser with a 5.12 percent fall.

Chittagong stocks rose with the bourse's benchmark index, CSCX, increasing 98.18 points to stand at 9,076.18.

Gainers beat losers as 149 advanced and 80 declined, while 28 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 1.75 crore shares and mutual fund units, generating a turnover of Tk 61.62 crore.