Market continues to gain riding on financial stocks

Stocks extended their gaining streak for the two consecutive sessions on Wednesday, riding on the financial stocks.
Dealers said the investors continued their buying spree on banking, financial institutions and insurance issues, taking the market in green territory for the second day.
Meanwhile, ML Dyeing, which made trading debut on Monday, emerged as the day's worst loser. The company's share price plunged 7.96 per cent to close at Tk 20.80 each on Wednesday.
The ML Dyeing's share price jumped 142 per cent to close at 24.20 each on the first day of trading.
The company raised a fund worth Tk 200 million from the capital market by offloading 20 million ordinary shares using the fixed price method.
The market opened on positive note and the upward trend continued till end of the session with modest volatility in the mid-session.
At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,505, advancing 32.45 points or 0.59 per cent over the previous day.
According to International Leasing Securities, the optimistic investors showed their buying spree riding on the news of increased growth in gross domestic product (GDP).
The country's GDP registered 7.86 per cent growth last fiscal year in the final count, which was 0.21 percentage points higher than the government's previous estimate at 7.65 per cent.
The DS30 index, comprising blue chips, advanced 6.11 points to end at 1,911 points. However, the DSE Shariah Index saw fractional loss of 0.95 point to close at 1,261.
"This upward shift in the index is mainly driven by significant positive changes in the large-cap sectors like banking, financial institutions and insurance sectors," said LankaBangla Securities in an analysis.
Turnover, the most important indicator of the market, also rose to Tk 8.24 billion, which was 13 per cent higher than the previous session's Tk 7.31 billion.
The textile sector dominated the day's turnover chart, grabbing 20 per cent of the day's total turnover, followed by power with 15 per cent and engineering 13 per cent.
Among the major sectors, banking posted the highest gain of 1.33 per cent while pharmaceuticals sector witnessed the highest loss of 0.72 per cent.
Janata Insurance was the best performer, posting a gain of 10 per cent following its category change news. The company placed in "B" category from existing "Z" category with effect from Wednesday.
The Chittagong Stock Exchange (CSE) also finished higher with its CSE All Share Price Index - CASPI - advancing 115 points to settle at 16,946 and the Selective Categories Index - CSCX -gaining 67 points to finish at 10,265.

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