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Stocks rise for 3rd day
STAR BUSINESS REPORT
The stock markets in Bangladesh maintained an upward trend for a third consecutive day yesterday as investors cautiously traded on select shares amidst optimism over regulatory measures.
Insiders and market analysts said a section of investors was optimistic over the latest market trends, thanks to higher earnings disclosures of listed companies and regulatory efforts to bring back stability.
They believe that Finance Adviser Salehuddin Ahmed’s recent meeting with the authorities of the Bangladesh Securities and Exchange Commission over liquidity support actually gave a boost to overall confidence.
The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), edged up 34.56 points, or 0.67 percent, from that on the previous day before closing at 5,199.
Similarly, the DSES index for the Shariah-based companies rose by 8.69 points, or 0.76 percent, to 1,144.
In the blue-chip segment, the DS30 index grew by 10.19 points, or 0.53 percent, to 1,926.
At Chittagong Stock Exchange (CSE), the CSE All-Share Price Index (CASPI), the broad index of the port city bourse, witnessed a similar upward trend, as it gained 94.23 points, or 0.66 percent, to settle at 14,442.
At the DSE, Islami Bank Bangladesh alone accounted for a 14.92-point rise.
Shares of Bangladesh Submarine Cables, Robi Axiata, National Bank, Orion Pharma, Renata, City Bank, Padma Oil Company, United Commercial Bank and Orion Infusion drew investors the most, as per LankaBangla Financial Portal.
However, shares of Grameenphone, British American Tobacco Bangladesh, Olympic Industries, BRAC Bank, Premier Bank, Pubali Bank, Southeast Bank, Khan Brothers PP Woven Bag Industries, Pragati Life Insurance and MJL Bangladesh suffered losses.
Of the issues that were traded on the DSE, prices of 212 saw a price increase, those of 151 closed lower and the remaining 34 did not see any price movement.
Turnover, which indicates the total value of shares changing hands on the trading floor, increased by 7.12 percent to Tk 556 crore.
The pharmaceuticals sector dominated the turnover chart, accounting for 20.03 percent of the total.
On the other hand, block trades, meaning high-volume transactions in securities that are privately negotiated and executed outside the open market, contributed another 2.7 percent.
Bangladesh Shipping Corporation emerged as the most traded share, with a turnover of Tk 27.9 crore.
Among the sectors, mutual fund, general insurance, and services and real estate became the top three to close in the positive, according to UCB Stock Brokerage.
However, jute, tannery, and life insurance were the top three to close in the negative.
Most of the large-cap sectors, meaning those that account for large amounts in market capitalisation, which is the total value of outstanding shares, posted a positive performance.
The banking sector experienced the highest gain of 0.74 percent, followed by engineering (0.67 percent), telecommunication (0.54 percent), fuel and power (0.46 percent), pharmaceuticals (0.41 percent) and food and allied (0.11 percent).
Non-bank financial institutions recorded a loss of 0.31 percent.