Stocks keep rising for buying spree

Stocks listed on the Dhaka Stock Exchange (DSE) yesterday stretched their gaining streak to four days straight as general investors continue to engage in a buying spree.

The market opened this week on an upbeat note as investors are placing fresh bets on sector-specific stocks, International Leasing Securities said in its daily market review.

Major market indices have been growing since the start of February as optimistic investors are pouring their money into stocks based on the respective company's latest earnings declaration, it added.

The DSEX, the benchmark index of the Dhaka bourse, surged 40 points, or 0.58 per cent, to close at 7,064 by the end of yesterday's trading session.

Among all the sectors, general insurance rose 3.4 per cent while food and allied edged up 2.5 per cent, and ceramics dropped 2.1 per cent.

Investor activity was mostly concentrated on the miscellaneous (16 per cent), engineering (13 per cent) and pharmaceutical (12.4 per cent) sectors. At the DSE, 155 stocks advanced, 177 declined and 48 remained the same.

Reliance Insurance topped the gainers' list, rising 9.95 per cent, followed by Bangladesh Shipping Corporation, Acme Laboratories, BF Thai Food, and Tosrifa Industries.

Turnover at the DSE rose 5 per cent to Tk 1,335 crore at the same time. Stocks of Beximco Ltd traded the most, worth Tk 104 crore, followed by Bangladesh Shipping Corporation, British American Tobacco Bangladesh, Acme Laboratories, and Bangladesh Building System.

BD Thai Aluminium eroded the most, dropping 6.45 per cent, followed by National Polymer, Libra Infusion, Queen South Textile and NRB Commercial Bank.

The Chittagong Stock Exchange (CSE) also rose yesterday as the CASPI, the main index of the port city bourse, rose 145 points, or 0.70 per cent, to close at 20,721.