Stocks extend gaining streak for fourth running session

Stocks extended the gaining streak for fourth running sessions Monday with turnover crossing Tk 8.0 billion-mark once again, powered by investors’ buying spree on financial stocks.
The market opened with a positive note and the upward trend continued till the market closure, eventually ended higher. The prime index of the Dhaka Stock Exchange (DSE) --- DSEX crossed 4,800 points mark and ended at 4,826.51 points after surging 38.85 points or 0.81 per cent. It is the highest level of DSEX since its inception on January 27, 2013.
The DSE Shariah Index (DSES) went up by 2.24 points or 0.22 per cent to 981.52 points. The DS30 index, comprising blue chips also gained 11.19 points or 0.67 per cent to close at 1,671.44 points.
Market participation remained buoyant on DSE and the total turnover stood at 8.04 billion, registering 15.35 per cent increase over the previous session's turnover value of Tk 6.97 billion.
"Market maintained strong momentum for the fourth consecutive trading session with DSEX consistently supporting above 4,800 level," said LankaBangla Securities, a leading stock broker.
"Investors are showing a trading appetite on the long side for stocks of financial and service sector. Banking and Insurance sector gained 2.2 per cent and 1.5 per cent market capitalization," the stock broker said.
"As buyers were queuing to financial stocks, sector wise shifting ruled the trading floor," the stock broker added.
"Backed by continued upbeat sentiment, key index DSEX surfaced over 4,800-point level for the first time," said IDLC Investments.
After previous session's pause, activities returned to Tk 8.0 billion level, in the mean time. Bank led market, both in terms of price and volume, riding mostly on lucrative prices and earnings & dividend expectations, the merchant bank said.
The gainers took a modest lead over the losers as out of 289 issues traded, 175 advanced, 90 declined and 24 issues closed unchanged on the DSE floor.
Banks performed well as the largest cap sector posted 2.24 per cent gain - the highest among major sectors. The sector also topped the turnover chart contributing 17.5 per cent of the total market turnover.
Fuel & power sector ranked second among the major sectors with 1.0 per cent gain. Telecommunication and Food & Allied went up marginally by 0.28 per cent and 0.10 per cent respectively. NBFIs and Pharmaceuticals closed almost flat.
Activities increased in the major bourse (DSE) where volume and trade were up 6.66 per cent and 11.01 per cent respectively. A total number of 0.164 million trades were executed in day's trading session with 199.84 million securities of trading volume.
The market capitalization of the DSE stood at Tk 2,901.26 billion against Tk 2,886.36 billion in the previous session.
Meghna Petroleum dominated the top turnover chart with shares worth Tk 459.23 million changing hands followed by Mercantile Bank, LankaBangla Finance, Aamra Technologies and Padma Oil.
Islami Insurance was also the day's highest gainer, posting a rise of 8.30 per cent while ahima Food was the day's worst losers, slumping by 4.26 per cent.
The Chittagong Stock Exchange (CSE) closed higher, with its Selective Categories Index - CSCX gained 86.33 points to close at 9,493.35 points.
Gainers beat losers 131 to 83, with 18 issues remaining unchanged at the port city bourse that traded 21.81 million shares and mutual fund units, turnover value of Tk 708.10 million.