Stocks gain after Eid on budget optimism
Stocks maintained its gaining streak after the Eid vacation thanks to the optimism stemmed from the finance minister’s latest announcement of keeping ‘something’ for stock investors in the upcoming budget.
DSEX, the prime index of the Dhaka bourse, increased 0.46 percent or 25.22 points yesterday before closing the day at 5,402.96.
The index gained 127.18 points in six working days prior to the beginning of the Eid vacation on May 30.
However, another important indicator, turnover, hit Tk 304.66 crore yesterday, falling by 28.31 percent compared to that of May 30. Most of the investors are inactive in the market as they are still in a vacation mood, said a top official of a leading brokerage house.
Among the major sectors, food and allied, fuel and power and non-bank financial institutions gained during the session. Some five textile companies featured on the top gainers’ list.
National Life Insurance dominated the turnover chart followed by United Power Generation, Eastern Housing, Eastern Cables and New Line Clothing.
SEML Growth Fund, a mutual fund, topped the gainers’ list with a 10 percent rise in its unit price. On the other hand, Mercantile Bank became the worst loser, shedding 12.22 percent.
Of the traded issues, 171 gained, 125 declined and 49 remained unchanged.
According to IDLC Securities, top three positive contributors to the index was British American Tobacco Bangladesh, Beximco Pharmaceuticals and United Power Generation.
Chattogram stocks also gained yesterday with the bourse’s benchmark index, CSCX, increasing 88.10 points or 0.88 percent to stand at 10,004.02.
Gainers beat losers as 125 scrips advanced and 65 declined while 41 closed unchanged on the port city stock exchange.
