Stocks end upbeat ahead of long holiday

Stocks gained for the third day yesterday as investors were buoyed by positive outlook for the market after Eid vacations.

DSEX, the benchmark general index of Dhaka Stock Exchange, edged up 84.45 points and or 1.63 percent, to close at 5,237. DSES, the shariah index of the Dhaka bourse, closed at 1,219 points, after gaining 5.11 points or 0.42 percent. 

The broad market performed robustly on the last session before the Eid vacation, where buyer-optimism sustained, said IDLC Investments. Trading on the premier bourse will resume on October 12.

Of the major sectors, banks and insurers gained 4.4 percent and 5.1 percent. The textile sector also joined the rally with 4.2 percent gains in market capitalisation and 79.7 percent gains in turnover as optimism hit the market following the news of the possible revival of generalised system of preferences by the Obama administration, Sheltech Brokerage said. 

The continuous fund flow into the market boosted traders' mood, fuelling the risky assets such as financials, insurance and engineering stocks, it said.

Turnover, the most important indicator of the market, declined 4.1 percent to Tk 937 crore, compared to the previous day. 

The gainers beat the losers with 251 to 42, while eight remained unchanged out of the 301 issues that traded on the DSE.

Titas Gas was the most liquid stock of the day with 41.78 lakh shares worth Tk 38 crore changing hands followed by Delta Life and Square Pharma. 

Familytex Bangladesh was the highest gainer of the day, posting 9.73 percent gains, while Padma Islami Life Insurance was the worst loser, slumping 16 percent.