Stocks extend rally

Stocks extended rally for the third consecutive session  yesterday with an improved volume of trade.

The rally was led by mainly financial and consumer goods scrips. The Dhaka Stock Exchange benchmark DSEX index rose over 37 points or 0.9% to end at 4,364. 

The Shariah index DSES was up about 10 points or 1% to 1,071. The blue chip comprising index DS30 gained 19 points to 1,708. The Chittagong Stock Exchange Selective Category Index CSCX ended at 8,172, rising over 73 points.

The trading volume improved, but still remained poor as the DSE turnover stood at more than Tk360cr, up around 20% over the previous session.

According to the Lanka Bangla Securities, the initial strength of the market was partly due to bargain hunting following a heavy sell-off in previous week.

“Significant move in past two trading sessions helped limit the downside for the market, where stocks were mostly following the market movement regardless of industry specific cues.”

Among the major sectors, Bank, Cement, Fuel & Power and Textile increased by 0.97%,  3.41%, 0.23% and 0.75% respectively while the tannery sector decreased by 2.81%.

Engineering sector was the highest gainer surging 1.86%, followed by banks about 1% and telecommunication 0.7%. l

Other sectors including non-banking financial institutions and food and allied, power and pharmaceuticals edged higher.