Stocks keep gaining riding on GP

Stocks witnessed yet another positive session Tuesday amid increased trading activities as optimistic investors showed their buying spree on Grameephone's shares.

Market operators said the market stayed on positive note largely supported by heavyweight GP shares as enthusiastic investors took position on GP, anticipating positive earnings and dividend declaration.

The telecom sector continued to surge as GP, the country's largest market-cap listed company's shares price closed at Tk 503.80, the highest closing price since listing with the capital market in 2009.

The GP's share price surged Tk 9.40 or 1.90 per cent on the day.

"GP is the largest market cap listed company, which accounted for more than 18 per cent market cap of prime bourse to affect the index largely," said an analyst at a leading brokerage firm.

"The market participants' outlook on the market improved as government is planning to cut overall tax rate," commented EBL Securities, a stockbroker, in an analysis.

Chittagong Stock Exchange (CSE) also ended higher with CSE All Share Price Index - CAPSI - advancing more than 38 points to finish 19,157.

The Selective Categories Index - CSCX - also edged up by 24 points to settle 11,568.

Gainers beat losers as 118 issues closed higher, 95 lower and 25 remained unchanged on the CSE.

The port city bourse traded 6.33 million shares and mutual fund units worth more than Tk 214 million in turnover.

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