Stocks extend gains for fourth straight day

The benchmark equity index extended its winning streak for a fourth straight session on Tuesday as investors renewed their appetite for major sector shares following the fuel price cut.
The market opened higher and the key index rose about 42 points within the first 90 minutes of trading, but half of the early gains eroded at the late hours amid profit-booking tendency among investors.
At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled 24.85 points or 0.38 per cent higher at 6,432.83. The DSEX added a total of 152 points in the past four trading days.
Turnover, a crucial indicator of the market, amounted to Tk 17.69 billion, slightly higher than the previous day's turnover of Tk 17.45 billion.
The recovery signs on the macroeconomic front, particularly foreign exchange market stability, rising private-sector credit growth coupled with reduction in fuel price kept the investor sentiment upbeat, said a merchant banker.
EBL Securities said, the recent recovery signs on the macroeconomic front instilled confidence among the investors that propelled the buyers to continue their dominance in the market.
International Leasing Securities said the buoyant investors kept their buying interest riding on the news that the government cut down the fuel oil price by Tk 5 per litre.
Two other DSE indices also edged higher. The DS30 index, comprising blue chips, advanced 3.96 points to finish at 2,279 and the DSE Shariah index gained 2.93 points to close at 1,396.
The textile sector kept its dominance in the turnover chart, capturing 22 per cent of the day's total turnover, followed by pharmaceuticals (13 per cent) and engineering (12 per cent).
Large-cap sectors posted mixed performance. Among the major sectors, non-bank financial institutions booked the highest gain of 2.35 per cent, followed by pharmaceuticals with 0.58 per cent and engineering 0.37 per cent.
On the other hand, telecom experienced the highest loss of 1.19 per cent, followed by power 0.25 per cent, banking 0.24 per cent and food 0.04 per cent.
Gainers took a modest lead over the losers as out of 380 issues traded, 184 advanced, 123 declined and 73 issues remained unchanged on the DSE trading floor.
Beximco became the most-traded stock with shares worth Tk 929 million changing hands, followed by Orion Pharma (Tk 779 million), Malek Spinning Mills (Tk 572 million), Bangladesh Shipping Corporation (Tk 556 million) and Eastern Housing (Tk 450 million).
The Chittagong Stock Exchange (CSE) also ended higher, with the CSE All Share Price Index (CASPI) gaining 69 points to settle at 18,898 and its Selective Categories Index (CSCX) rising 42 points to close at 11,326.
Of the issues traded, 148 advanced, 93 declined and 63 issues remained unchanged.
The port-city bourse traded 15.37 million shares and mutual fund units with turnover value of Tk 428 million.

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