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Dhaka Tribune

Stocks rally after 5-day fall

Update : 22 Dec 2013, 07:05 PM

Stocks rallied yesterday on buying spree, ending a five-day losing streak.

The market opened positive in the morning and the momentum scaled up till close, driven by textile sector that rose more than 2%.

The benchmark DSEX index ended at 4,288 with a rise of 44 points or 1%. The DS30 Index comprising blue chips was up nearly 13 points or 1% to 1,480.

The Chittagong Stock Exchange Selective Category Index, CSCX, rose 89 points to 8,429.

The Dhaka Stock Exchange (DSE) saw higher trading with a turnover of Tk7oo crore, which was 49.5% higher over the previous session and highest in the last six sessions.

“As government intensifies efforts to keep law and order, investors hope for a reduction in political volatility and thus some improvement in short term business outlook. This created an impetus for the investors to move in,” said IDLC Investment.

The positivity was widely perceived, resulting in a towering surge of 49% in turnover, it said.

Lanka Bangla Securities said while frequent country wide shut down and blockade has broken down the industrial operation with slow growth in credit and financial sector, market reacted positively amid unrest ahead of parliamentary election.

Among the major triggers, the news on the IOSCO’s approval of up-gradation of BSEC’s category to ‘A’ from existing ‘B’ might have turned on the market direction forward, it said.

Activities were still extremely consolidated to a handful of stocks, especially from textile sector.

The sector captured 34% of total turnover and spurred significant return due to investors’ expectation regarding government incentive to the sector.

Top gaining sector was non-banking financial institutions that gained 2%, while top loser was life insurance that shed almost 1%. But low cap companies shined on the day, rising 1.85%.

Gainers took a strong lead over the losers as out of 274 issues traded, 169 advanced, 89 declined and 26 remained unchanged.

RN Spinning was the most traded stocks with shares worth Tk55.2 crore changing hands.

It was followed by Generation Next Fashion, Tallu Spinning, Golden Son, CMC Kamal, Paramount Textile, Argon Denim, Delta Life Insurance and Lanka Bangla Finance.  

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