Stocks rise on the back of insurance

The Dhaka and Chattogram stock exchanges closed higher yesterday on the back of insurance stocks.  

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), added 17 points, or 0.27 per cent, to close at 6,277.

The DS30, the blue-chip index, rose 0.34 per cent to 2,193 while the DSES, the Shariah-compliant index, went up 0.17 per cent to 1,368.

Turnover, a key indicator of the market, gained 13.93 per cent to Tk 744 crore.

Of the securities that traded on the premier bourse of Bangladesh, 96 advanced, 65 declined and 185 did not show any price movement.

In its daily market analysis, International Leasing Securities Ltd said the stock market reverted to the gaining streak after a price correction in the previous three sessions as the current price level of several stocks from different sectors attracted investors.

International Leasing Securities Ltd said the stock market reverted to the gaining streak after a price correction in the previous three sessions

The market opened on a flying note in the morning session that accelerated gradually and ended on positive territory. Following the previous session, optimistic investors were interested in the non-life insurance sector along with some oversold mid-cap stocks.

Among the sectors, travel rose 5.4 per cent, IT was up 1.2 per cent, life insurance added 1.1 per cent and general insurance appreciated 0.7 per cent. Paper shed 0.5 per cent, tannery lost 0.5 per cent and jute was down 0.3 per cent.

Meghna Insurance Company made the highest gain with an increase of 10 per cent.

Paramount Insurance Company, Islami Insurance Bangladesh, Trust Islami Life Insurance, and Sea Pearl Beach Resort & Spa were among the top gainers.

Brac Bank was the sharpest loser, shedding 7 per cent.

Eastern Cables, Heidelberg Cement Bangladesh, Al-Haj Textile Mills, and CVO Petrochemical Refinery were also on the list of significant losers.

Intraco Refueling Station was the most-traded stock on the day with its issues worth Tk 34 crore transacting.

Gemini Sea Food, Bangladesh Shipping Corporation, Sea Pearl Beach Resort & Spa, and Paramount Textile registered significant turnover as well.

The Caspi, the all-share price index of the Chittagong Stock Exchange, edged up 45 points, or 0.24 per cent, to close the day at 18,481.

Of the issues, 69 rose, 41 retreated and 87 did not see any price swing. Turnover on the bourse in the port city doubled to Tk 19.84 crore from Monday's Tk 8 crore.