Stocks rally as turnover rises

Stocks extended the winning streak for a sixth straight session on Tuesday, with turnover hitting a fresh seven-month high, thanks to higher participation of general investors.
The market opened higher and the key index rose about 52 points in the first three hours, but most of the gains was wiped out in the remaining hour of the session amid short-term profit-booking tendency among the investors.
At the end of the session, DSEX, the core index of the Dhaka Stock Exchange (DSE), settled at 6,315.82, up 15.69 points or 0.25 per cent from the previous day.
The DSEX surged 167 points or 2.72 per cent in the past six trading days.
Turnover, a crucial indicator of the market, rose further to Tk 14.87 billion on the prime bourse, which was 0.61 per cent higher than the previous day's tally of Tk 14.78 billion.
It was the biggest single-day transactions in seven months since January 20 this year, when the turnover totalled a record Tk 16.01 billion.
Two other indices of the DSE also ended higher. The DS30 index, comprising blue chips, advanced 18.02 points to finish at 2,265 and the DSE Shariah index soared 7.60 points to close at 1,387.
Market insiders said stocks extended the rally with increased turnover value as the optimistic investors continued their buying spree amid growing confidence in the market.
According to EBL Securities, stocks continued their rally, driven by increased participation of investors amid growing confidence in the market.
The pharma sector dominated the turnover list, capturing 17 per cent of the day's total turnover, followed by textile sector (15.60 per cent) and miscellaneous (12.40 per cent).
Major sectors witnessed mixed performances. Pharma sector booked the highest gain of 1.10 per cent, followed by non-bank financial institutions (0.43 per cent), telecom (0.10 per cent) and food (0.04 per cent).
On the other hand, textile sector saw the highest loss of 1.30 per cent, followed by engineering (0.40 per cent) and banking (0.10 per cent).
Losers, however, took a modest lead over the gainers, as out of 381 issues traded, 169 closed lower, 123 higher and 89 others remained unchanged on the DSE trading floor.
Beximco became the most-traded stock with shares worth Tk 1.08 billion changing hands, followed by Orion Pharma, Olympic Industries, Bangladesh Spinning Corporation and Delta Life Insurance.
RSRM Steels was the day's top gainer, advancing 10 per cent while Bangladesh Industrial Finance Company was the day's worst loser, shedding 7.96 per cent.
The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index (CASPI) gaining 58 points to settle at 18,570 and its Selective Categories Index (CSCX) rising 35 points to close at 11,128.
Of the issues traded, 128 declined, 99 advanced and 78 issues remained unchanged.
The port-city bourse traded 15.07 million shares and mutual fund units with turnover value of Tk 430 million.

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