Stocks rise for 3rd day with investors now in buying mood

Stocks in Bangladesh yesterday stretched their gaining streak to three sessions in a row as some investors are now in a buying mood, according to experts. Major indices are seeing a bullish trend as bargain hunters have regained their confidence following the recent initiatives taken by market regulators, International Leasing Securities said in its daily review.

For all latest news, follow The Daily Star’s Google News channel.

As such, the market got off to a flying start and remained buoyant until closure as optimistic investors put fresh bets on sector specific issues, it added. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose by 10 points, or 0.17 per cent, to hit 6,217 points by the end of the day.

With this, the prime index of the country’s premier bourse gained a total of 24 points over the past three trading sessions. The DS-30, which represents blue-chip stocks, edged up 0.01 per cent to 2,209 points while the DSES, an index comprised of shariah-compliant companies, inched forward 0.26 per cent to 1,352 points. Meanwhile, turnover of the DSE, a key indicator of trade in the market, dropped to Tk 531 crore from the Tk 666 crore registered during the previous trading session.

The market got off to a flying start and remained buoyant until closure as optimistic investors put fresh bets on sector specific issues

Of the securities traded, 83 advanced, 46 declined and 195 remained unchanged.

Market movement was driven by positive changes in the market cap of paper and printing, life insurance, and tannery scrips amid negative changes in the market cap of travel and leisure, jute, and bank scrips, Shanta Securities said in its daily market review. Legacy Footwear topped the gainers’ list with an increase of 9.81 per cent while Aamra Technologies was up 9.8 per cent, Intraco Refueling Station advanced 9.51 per cent, Metro Spinning Mills rose 9.27 per cent, and Apex Foods gained 8.25 per cent. Miracle Industries topped the list of losers by shedding 5.38 per cent.

Similarly, Intech Ltd, Jute Spinners, Information Services Network, and Sea Pearl Cox’s Bazar Beach Resort and Spa suffered substantial losses as well. Genex Infosys was the most traded stock with shares worth Tk 36 crore being transacted. Bangladesh Shipping Corporation, Eastern Housing, Intraco Refueling Station, and Orion Pharma also saw significant turnover.

The CASPI, the all-share price index of the Chittagong Stock Exchange, increased by 29 points, or 0.16 per cent, to 18,318 points.

Of the issues traded, 52 rose, 19 retreated, and 66 saw no price movement.

Turnover of the port city bourse fell 92 per cent to Tk 7 crore while it was Tk 96 crore on Thursday.