Stocks extend gains for third straight day

Stocks in Bangladesh continued the winning streak for the third consecutive trading session Sunday as opportunist investors continued chasing down sector-specific stocks in the Dhaka Stock Exchange (DSE) in hope of quick gains.

The recent increase in the policy rate by the central bank also influenced investors’ psychology about a comparatively brighter economic future, luring them to put fresh funds into stocks.

The DSEX, the benchmark index of the DSE, added 18.69 points or 0.28 per cent to settle at 6,531.

Among other indices, the DSES, the Shariah-based index, surged 3.82 points or 0.26 per cent to 1,423, and the DS30, the blue-chip index, rose 3.40 points or 0.14 per cent to close at 2,333.

Turnover, another crucial indicator of the market, jumped 26 per cent to Tk 1,533 crore versus Tk 1217 crore in the previous trading session in the premier bourse.

The equity indices of the Dhaka bourse witnessed a steady uptrend, extending the gaining momentum of the previous two sessions, as opportunist investors continued chasing down sector-specific stocks in hope of quick gains, said EBL Securities, a stockbroker, in its daily market review.

The market opened higher and remained positive throughout the session, with investors being active on both sides of the trading fence, while the late-hour sale pressure wiped out some of the early gains as many investors opted to reshuffle their portfolios, it commented.

Moreover, the recent increase in the policy rate by Bangladesh Bank also provided the investors with a positive vibe, helping the prime bourse remain steady.

On the sectoral front, pharma and chemical topped the turnover chart with a contribution of 15.6 per cent to the total turnover, followed by miscellaneous (15.5 per cent) and engineering (15.3 per cent).

The textile sector posted the highest return of 1.8 per cent, followed by paper (1.2 per cent) and services (0.9 per cent), while the travel sector faced the highest correction, followed by jute and life insurance.

Out of the 387 issues traded, 115 stocks surged, 81 issues declined, and 191 scrips did not see any price movement.

Meanwhile, the port city bourse, Chittagong Stock Exchange (CSE), also closed the session higher with its two major indices — the CSCX and the CASPI— advancing 43.4 and 70.9 points respectively.