Stocks see rally for 8th day

Stocks extended the gaining streak for the 8th straight session Thursday with turnover crossing Tk 11.0 billion-mark once again as investors’ buying spree continued.
The market opened with a flying note which continued throughout the session. At the end of the session, DSEX rose 47.20 points or 0.94 per cent to close at 5,026.92 points, which was the highest level since its inception on January 28, 2013.
The two other indices ended higher. The DS30, comprising blue chips, soared 25.40 points or 1.32 per cent to close at 1,949.63 points. The DSE Shariah Index gained 19.09 points or 1.64 per cent to close at 1,181.67 points.
The total turnover on DSE amounted to Tk 11.03 billion, which was 18.34 per cent higher over the previous session value of Tk 9.32 billion. It was the year's second highest turnover after Tk 12.88 billion recorded a week ago.
The investors' attention was mostly focused on engineering, power and pharmaceuticals - the sectors that accounted for 20 per cent, 15 per cent and 14 per cent respectively of the day's total turnover.
"Index closing holds the historic high level of 5,000-mark after a weeklong buoyant move in large cap stocks," commented LankaBangla Securities, in its regular analysis.
Investors are observed to be twigging higher value in stocks which made the index to close with strong ground where market indicators are showing resilience, said the stock broker.
Factors, including stable economic outlook, relatively calm in the political field and vast population have attracted some global top fund managers, the stock broker added.
"The saga continued as broad market index broke through 5,000-mark amid buoyant turnover in the premier bourse," said IDLC Investments.
Continuing the momentum, investors choose to side with a few of large cap names where MJLBD was the most liquid scrip followed by Beximco and Beximco Pharm, said the merchant bank.
International Leasing Securities said: "The market extended the bullish spell as the DSEX established above the 5,000-mark amidst the rally in major sectors".
However, most of the issue from bank sector slowed down after recent price hike due to profit taking, said the International Leasing.
GP, IDLC Finance and Delta Life Insurance were among the major index movers as they led their respective sectors' upward movement, said the International Leasing.
Sheltech Brokerage said: "The market is showing no sign of slowing down whatsoever. The money is flowing among, bank, pharma, NBFI, miscellaneous, engineering and cement sector mostly".
The traders have a happy face going to the weekend, traders likely to keep an eye on banking stocks whether these would dominate the trading on the next sessions, it said.
"Investors will continue to be sensitive to news and speculation whilst the gains we have seen remains open to reversal as the market was traded in the oversold regions," said the Brokerage.
Gainers outpaced losers as out of 301 issues traded, 159 advanced, 120 declined and 22 remained unchanged on the DSE floor.
MJL BD was the day's most traded stocks with shares worth Tk 656.80 million changing hands followed Beximco, Beximco Pharma, RSRM Steels and GP.
Eastern Cables was also the day's highest gainer, posting a rise of 19.97 per cent while Standard Ceramics was the day's worst loser, slumping by 9.23 per cent.

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