Stocks rise for fourth day, but turnover falls further

Stocks edged higher for the fourth consecutive session on Tuesday amid optimistic buying pressure from investors.
But turnover dropped further, as a section of investors remained on the sideline ahead of the Eid festival.
Only five trading sessions are left ahead of the Eid vacation. Bourses will remained closed for five days - from September 23 to September 27 - on the occasion of Eid-ul-Azha.
Tuesday's session started with upper note, but slowed down later. Sellers demonstrated their active presence in the ending hours of the trading session.
However, the market maintained its positive momentum with prime index of the Dhaka Stock Exchange (DSE) closing above 4,800-mark, after gaining 15.61 points or 0.32 per cent. In the last four sessions, DSEX added 43.37 points.
"As some of the economic data have been pointing to marginal improvement, it seems investors are focusing more on the company-specific news," commented LankaBangla Securities in its analysis.
The stockbroker said the recovery of industrial credit increased by 9.22 per cent in last fiscal year (FY), 2014-15, despite political turmoil.
Besides, industrial credit disbursement recorded a significant rise by more than 30 per cent to Tk 2,193.30 billion in FY 15 even after all the setbacks in business environment.
"Investors exhibited their buying interest in several large cap stocks, while most of the small cap issues witnessed price correction," said International Leasing Securities in its analysis.
"Financial institutions, life insurance and textiles sectors experienced major sell offs, while heavy buy pressure in fuel and power, engineering and bank sectors helped the bourse to close in green," it added.
Power Grid Company of Bangladesh (PGCB) rallied for the second straight day, gaining 9.8 per cent from the previous day, following the news that Bangladesh Energy Regulatory Commission (BERC) has increased the company's transmission tariff.
Most of the participants concentrated on Beximco Pharma, which singularly captured 4.5 per cent of the day's total turnover of Tk 4.20 billion.
The investors' attention was mainly concentrated on pharma and chemicals, engineering, and textile sectors, which captured 18 per cent, 16 per cent, and 12 per cent of the day's total turnover.
IDLC Investments said, "Market climbed up quickly, as the session started and sustained on higher level throughout the day. But it lost some ground, as the sellers dominated in the later hours".
MTB Capital said, "Market opened with a flying start, but poor contribution in mid-session tried to slow the pace. It managed to stay in green zone, and crossed the 4,800-point mark after twelve trading sessions".
"Investors tried to shift their momentum from small cap stocks to some big cap stocks, which actually kept the vibration," said the merchant bank, adding that poor volume level kept the investors in puzzle.
The two other indices of DSE also closed higher. The DS30 index, comprising blue chips, rose 12.73 points or 0.69 per cent to finish at 1,837.66. The DSE Shariah Index (DSES) climbed 4.95 points or 0.42 per cent to end at 1,180.42.
According to BRAC EPL, bank, food and allied, telecommunication, and fuel and power gained 0.60 per cent, 0.26 per cent, 0.35 per cent, and 0.65 per cent respectively. Textile and NBFIs dropped by 0.77 per cent and 0.73 per cent respectively in the prime bourse.
Activities decreased further in the major bourse, where trade and volume went down by 8.41 per cent and 2.22 per cent respectively. A total number of 0.100 million trades were executed with trading volume of 113.18 million securities.
The DSE market capitalisation stood at Tk 3,358.46 billion against Tk 3,348.73 billion in the previous session.
According to Sheltech Brokerage, financial institutions showed the highest turnover increase of 25.4 per cent, while telecommunication showed the highest turnover loss of 44.1 per cent.
Beximco Pharma dominated the top turnover chart for the second session with Tk 189.52 million shares changing hands.
It was followed by BSRM with shares worth Tk 155.78 million, Aman Feed Tk 138 million, Islami Bank Tk 136.58 million, Al-Haj Textiles Tk 129 million, Lafarge Surma Cement Tk 114 million, Square Pharma Tk 94.58 million, United Airways Tk 84 million, IFAD Autos Tk 72.68 million, and Appollo Ispat Tk 65.58 million.
The day's top ten gainers were - Power Grid 9.83 per cent, Aman Feed 8.05 per cent, Hakkani Pulp and Paper 6.45 per cent, BSRM 6.33 per cent, Apollo Ispat 5.16 per cent, Apex Footwear 5.10 per cent, Islami Bank 5.09 per cent, DBH First MF 4.34 per cent, Monno Ceramics 4.31 per cent, and Exim Bank First MF 4.10 per cent.
The day's top losers were - Sonargoan Textiles 7.07 per cent, Deshbandhu Polymer 6.54 per cent, Meghna Life Insurance 5.89 per cent, Popular Life Insurance 5.74 per cent, Savar Refractories 5.27 per cent, Rupali Life Insurance 4.49 per cent, National Tubes 4.45 per cent, Rahima Food 4.08 per cent, BD Lamps 3.97 per cent, and Imam Button 3.73 per cent.
The Chittagong Stock Exchange (CSE) closed higher with its Selective Categories Index - CSCX - gained 36.32 points to end at 8,905.85.
The losers beat the gainers, with 36 issues remained unchanged on the port city bourse that traded 9.47 million shares and mutual fund units with a total value of Tk 278.48 million.
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