Stocks rise on heavy buying

Stocks returned to the black yesterday, the last trading day of Ramadan, thanks to investors' buying spree in anticipation of a market rally after the Eid.
The benchmark General Index, DGEN, market tracking index of Dhaka Stock Exchange, rose 47.97 points or 1.14 percent, to 4,256.32 points.
Investors went on a buying spree anticipating a bull-run as institutional investors became active in injecting fresh funds into the market, market analysts said.
Economic indicators suggest a favourable environment for making long-term investments in the market, the analysts said.
The DSE will remain closed until August 25, for the death anniversary of Bangabandhu Sheikh Mujibur Rahman, Shab-e-Qadr and the Eid-ul-Fitr, along with weekly bank holidays.
Usual trading and office hours will resume on August 26.
“A stable money market coupled with the end of Ramadan inspired investors to make fresh investments in the market,” IDLC Investments, a stockbroker, said.
Compared with the previous day, the turnover rose 30 percent to Tk 362 crore.
A total of 0.98 lakh trades were executed with 7.67 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the total 259 issues that traded on the DSE floor, 167 advanced, 79 declined and 23 remained unchanged.
Among the major sectors, non-bank financial institutions rose 4.51 percent, followed by power 2.70 percent, banks 0.26 percent and pharmaceuticals 0.22 percent.
The telecoms sector, which covered 12.9 percent of the total market cap, fell 0.65 percent.
Unique Hotel and Resorts featured in the top-traded stocks chart with 27.58 lakh shares worth Tk 26.90 crore changing hands.
AAMRA Technologies was the biggest gainer of the day, posting a rise of 9.93 percent, while the eighth ICB Mutual Fund lost 9.98 percent as the worst loser.
The benchmark General Index of Chittagong Stock Exchange finished the day at 8,116.49 points, after adding 74.39 points or 0.91 percent.
Gainers beat losers 119 to 47 with 19 securities remaining unchanged at the port city bourse that traded 96.59 lakh shares and mutual fund units with Tk 38.31 crore in turnover.