Stocks continue gaining streak

Stocks gained for the third day as institutional investors started to make fresh investment in the market yesterday.
DGEN, the benchmark general index of Dhaka Stock Exchange, finished the week at 4,088.62 points, after surging 25.31 points or 0.62 percent at the closure at 2:30pm.
The market got a flying start, rising more than 25 points at the first hour of trading. DGEN started to decline in the second session, but finally ended in the black thanks to investors' buying spree.
Most of the investors asked their brokers over the phone to place buying orders instead of going to brokerage houses amid political unrest in the country, said a stockbroker.
Investors are making fresh exposure in some good stocks anticipating a short-term rally, he said.
“Turnover kept low, as market was less active amid political protest,” said IDLC Investments in its daily market commentary. Turnover declined 11.56 percent to Tk 176 crore than the previous day.
“As the yearend approaching, market seemed to be kept protected from any major corrections. Same pattern was exemplified in the latest calendar year as well,” the merchant bank said.
“In addition, the banking sector took an impressive turn in this week on expectation of future positive movement.”
In the last three sessions, index gained by 79.81 points which was mainly contributed by the large cap banking sector.
A total of 0.63 lakh trades were executed with 5.50 crore shares and mutual fund units changing hands on the Dhaka bourse.
All the major sectors ended in the black. Banks rose 1.35 percent, followed by non-bank financial institutions 1.31 percent. Pharma and power gained 0.23 percent and telecom 0.15 percent.
Of the 258 issues that traded on the DSE, 183 advanced, 47 declined and 28 remained unchanged.
Envoy Textiles featured in the most traded stocks' chart with 20.98 lakh shares worth Tk 10.83 crore changing hands. United Airways and Unique Hotel and Resorts were the next popular stocks of the day.
Savar Refectories was the biggest gainer of the day, as it rose 6.90 percent. Jute Spinners was the worst loser, slumping 3.22 percent.
CSCX, the selective categories index of Chittagong Stock Exchange, finished the day at 7,965 points, after gaining 54.18 points or 0.68 percent.
Gainers beat losers 95 to 41, with 20 securities remaining unchanged at the port city bourse that traded 93.75 lakh shares and mutual fund units worth Tk 37.34 crore in turnover.