Stocks maintain upward trend – The Daily Star

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The stock market index maintained an upward trajectory yesterday in spite of price drops of most stocks.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), rose 4 points, or 0.05 per cent, to 7,060. This is a third consecutive day’s rise. At the DSE, stock price of 152 companies went up, 177 fell and 37 remained unchanged.

The Dhaka bourse closed on a marginally positive note amid volatility throughout the session as investors from both sides of the trading fence were active, said International Leasing Securities in its daily market review.

The bargain hunters showed interest in buying sector-specific stocks while cautious investors were active in booking profits on quick-gaining stocks, it said.

The top 10 stocks to undergo trade captured around 42 per cent of the total trade, with IFIC Bank alone capturing 8 per cent, it added.

Turnover, an important indicator of the DSE, rose 1 per cent to Tk 1,507 crore.

Many investors sold shares to book profits, so the index did not rise to that big of an extent, said a stock broker.

But on the positive side, there were many buyers in the market so the index was saved from a fall despite the pressure of sales coming from profit-availing investors, he said.

As the index was on an upward trend for the previous two days, many stocks had risen by around 5 per cent to 8 per cent, he added.

Among the major sectors, general insurance advanced the most, rising 4.85 per cent. Life Insurance edged up 4.38 per cent, and tannery increased 3.27 per cent, according to a LankaBangla Securities daily market review.

However, the travel and leisure sector dropped 2.41 per cent, ceramic 1.06 per cent and banking 0.75 per cent, shows the data.

Express Insurance topped the gainers’ list, rising 9.90 per cent, followed by Sena Kalyan Insurance, Index Agro Industries, Acme Pesticides and Janata Insurance.

Stocks of IFIC Bank were traded the most, worth Tk 120 crore, followed by Beximco, Delta Life Insurance, Orion Pharma and NRB Commercial Bank.

IFIL Islamic Mutual Fund-1 dropped the most, falling 5.97 per cent, followed by Generation Next Fashions, Agni Systems, Anlima Yarn Dyeing and Brac Bank.

Delta Life Insurance, Beximco Pharmaceuticals, United Power Generation and Distribution Company, Fortune Shoes and Genex Infosys jointly contributed 16 points to the DSEX, said, a stock market related information provider.

Meanwhile, Brac Bank, Beximco, Square Pharmaceuticals, Grameenphone and the Investment Corporation of Bangladesh erased around 21 points from the benchmark index, added its data.

Chittagong Stock Exchange (CSE) also underwent the same trend yesterday. The CASPI, the main index of the port city bourse, went up 3 points, or 0.01 per cent, to 20,642.

Among 289 stocks to undergo trade, 128 rose, 127 fell and 34 remained same. 

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