Textile shares rise on export growth

Most of the textile companies listed on the Dhaka Stock Exchange gained prices yesterday due to 26 percent growth in exports in July.
A total of nine export oriented companies out of 30 gained by more than 5 percent in terms of price, according to DSE.
Investors feel encouraged to see ready-made garments export growing at a robust 26 percent in the month of July, commented LankaBangla Securities in its daily market analysis.
However, stocks ended flat on the day, as investors went for selling shares to pocket profits.
DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,068.72 points, after gaining 13.94 points or 0.34 percent.
Cyclical downbeat due to a natural correction created a vibration in neutralising the hype of the last few sessions, said IDLC Investments.
Investors' shaky confidence fostered by turnaround phenomenon further pulled down the market into negative territory, the merchant bank said.
Lack of fresh positioning kept the participation sluggish with total turnover declining by 20.05 percent to Tk 565 crore from the previous day, it said.
Meanwhile, investors were upholding their judgment to be careful in respect of their day-to-day trading as they observed the future direction of the capital market, it added.
After flirting with the 4100 points level for the whole day, DSEX slipped below the mark at the end, said LankaBangla Securities in its analysis.
Investors consider 4,100 pints level as a strong resistance area, the stockbroker said.
A total of 1.15 lakh trades were executed with 10.22 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 287 issued that traded on the DSE floor, 107 advanced, 148 declined and 32 remained unchanged.
Bangladesh Submarine Cable Company topped the most traded stocks chart with 13.52 lakh shares worth Tk 40.65 crore changing hands.
Among the major sectors, tannery gained 7.96 percent, textile 2.44 percent and non-bank financial institutions 2.25 percent.
However, travel and leisure declined 1.64 percent, non life insurance 1.59 percent, and engineering 1 percent.
Apex Tannery was the day's bigger gainer, as it posted 9.97 percent gain, while Eighth ICB Mutual Fund was the worst loser, plunging by 9.90 percent.