Stocks rallied for the fourth consecutive session in a row yesterday, driven by heavyweight banks that gained more than 3%.
The benchmark DSEX rose over 55 points or 1% to settle at 4,758, which is a new high since its introduction on January 27 last year with a base point of 4,000. The Shariah-based index DSES gained more than 10 points or 1% to 987. The blue chip comprising index DS30 was up by 8 points or 0.6% to 1,672.
The Chittagong Stock Exchange Selective Category Index, CSCX, closed at 9,359 with a rise of over 125 points.
Turnover continued to remain buoyant as it stood at Tk859 crore, which is highest since July 17 last year and 3% higher over the previous session.
Lanka Bangla Securities said on the day before the announcement of monetary stance for the second half of the current fiscal year, though analysts are eyeing near term slowdown in economic growth indicators, investors remained buoyant over stimulus measures for private sector for escalating economic activities.
IDLC Investment said replicating previous few sessions’ pattern, market rose sharply in first few minutes and sustained at that point for the rest of the day. “At the end of the day, stocks with high dividend yield attracted investors.”
The heavyweight banks rose highest by more than 3%, as its dividend declaration season approached. The sector was main driver behind such steep gain in the benchmark index.
Non-life insurance emerged second rising over 2%, followed by telecommunications over 1% and power 0.2%. Among other sectors, non-banking financial institutions and pharmaceuticals closed almost flat on price correction.
The market breadth remained positive as out of 294 issues traded, 161 closed higher, 114 lower and 19 remained unchanged.
Activities centered on bank and power, both capturing 14% of total turnover.
Square Pharmaceuticals was the most traded stocks, followed by Olympic Industries, Padma Oil, Orion Pharmaceuticals, Meghna Petroleum, United Commercial Bank, Grameenphone, Lafarge Surma Cement and Lanka Bangla Finance.
