23 days ago

Stocks extend rally amid growing confidence

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The stock market ended higher on Sunday, extending the winning streak to the tenth straight session, as investors place fresh bets on banking stocks ahead of the dividend declaration.

The market rally was mostly supported by heavyweight bank stocks, and all bank shares saw price appreciation.

The market started on a positive note, maintained the upbeat trend throughout the session without any signs of reversal, and ended more than 73 points higher.

DSEX, the prime index of Dhaka Stock Exchange (DSE), finally settled at 6447, with 73.72 points, or 1.16 per cent, higher than the previous day. With the latest, DSEX has added more than 368 points, or 6.10 per cent, over the past ten trading days.

Two other DSE indices also ended higher. Of them, DS30 index, comprising blue chips, rose 19.19 points to finish at 2,611, and the DSE Shariah index gained 9.75 points to close at 1,513.

Turnover, an important indicator of the market, rose to Tk 18.52 billion, which was almost the same as Tk 18.58 billion the previous day.

Market analysts said the investors continued to show their buying interest in selective large-cap stocks amid heightened optimism.

However, most of the issues on the DSE trading floor saw a decline in price, as out of 394 traded issues, 196 declined, 165 advanced, and 33 remained unchanged. 

Beximco, with a 9 per cent gain, topped the turnover list with shares worth Tk 650 million changing hands, followed by Orion Pharma, Orion Infusion, IFIC Bank and Intraco Refueling.

SBAC Bank was the day’s top gainer, posting a gain of 10 per cent, while Shyampur Sugar Mills was the worst loser, losing 8.75 per cent.

The Chittagong Stock Exchange also ended higher, with its All Shares Price Index (CASPI) rising 310 points to close at 18,605, while the Selective Categories Index (CSCX) gained 187 points to close at 11,138.

Of the issues traded on the CSE, 146 declined, 128 advanced, and 20 remained unchanged.

The port city bourse traded 10.60 million shares and mutual fund units with a turnover value of Tk 238 million.


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