Stocks keep gaining spell for 5th day

Stocks extended their gaining streak for the five consecutive sessions Monday as investors remained active in the market amid encouraging earning season.
Today (Tuesday) is the last trading session before Eid vacation as trading and official activities on the bourses will remain closed from July 15 to July 20 on the occasion of Eid-ul-Fitr.
Although, thrown back foot in the initial hour, DSEX, the prime index of the Dhaka Stock Exchange (DSE), managed to add 13.65 points or 0.29 per cent to finish at 4,628.85.
The two other indices also closed in the positive zone.  The DS30 index, comprising blue chips, gained 3.86 points or 0.21 per cent to close at 1,815.06. The DSE Shariah Index (DSES) advanced 5.66 points or 0.49 per cent to settle at 1,141.94.
Turnover came down to Tk 4.94 billion on the main bourse, which was 11 per cent lower than the previous day's Tk 5.54 billion.
The participants kept their focus concentrated on pharma, power and engineering - the sectors that accounted for 28 per cent, 17 per cent and 13 per cent of the day's total turnover.
"Stocks remain mostly firmed Monday amid encouraging earning season in market," said LankaBangla Securities, a stockbroker, in an analysis.
Index stepped down in early trading as sellers came to book profit before Eid holiday. However, the strong gain in last hour followed through the uptrend set in previous sessions, said the stockbroker.
Among individual sectors, power stocks moved notably higher after reporting promising growth in earnings, whereas some manufacturing stocks also advanced on hope of positive earnings declaration, the stockbroker said.
IDLC Investments, a merchant bank, said, "The gaining streak continued, trumping partial cash out by investors before the Eid occasion".
Especially, expectations on corporate declarations of the companies with accounting year ending in June played a vital role in shaping market movement, said the merchant bank
"Favourable macroeconomic outlook as well as convincing half yearly earnings disclosure from several stocks made the investors optimistic," said International Leasing Securities, a stockbroker, in an analysis.
The early trading session observed profit booking selling pressure from the investors, creating volatility during the session. However, optimistic buying pressure in the late hours pulled the bourse to end in green, said the stockbroker.
Heavy buying pressure in stocks from fuel and power, cement and telecom sector mainly fueled the upturn in indices, said the stockbroker.
The port city bourse Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index - CSCX - gained 24.86 points to close at 8,670.12.
Gainers beat losers 118 to 100, with 30 issues remaining unchanged at the port city bourse that traded 10.30 million shares and mutual fund units, turnover of Tk 371 million.
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