Stocks rise for a second day

Bangladesh’s stock market rose for the second straight day yesterday as investors cautiously bought lucrative blue-chip stocks on hopes that major companies would soon report positive earnings.

According to LankaBangla Financial Portal, Islami Bank Bangladesh, Beacon Pharmaceuticals, Grameenphone, Olympic Industries, British American Tobacco Bangladesh, Heidelberg Chemicals Bangladesh, ACME Laboratory, Robi Axiata, Uttara Bank and Tamijul Textile Mills have attracted a significant number of investors.

Islami Bank Bangladesh is the only lender that has shown double-digit growth (25.19 percent) in its share prices.

However, shares of Khan Brothers PP Woven Bag Industries, Beximco Pharmaceuticals, Orion Infusion, Bangladesh Submarine Cables, City Bank, United Commercial Bank, National Bank, Kohinoor Chemicals, Power Grid Company of Bangladesh and IFIC Bank suffered losses.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 17.57 points, or 0.30 percent, from a day before closing at 5,777.

The DSES index, which represents Sharia-based companies, also rose by 14.30 points, or 1.12 percent, or 1,288.

Meanwhile, the DS30 index for blue chip companies rose 12.45 points, or 0.59 percent, to 2,109.

Of the 395 issues, 93 saw prices rise, while most of the remaining 262 closed lower and 40 showed no price movement.

Turnover on the DSE, or the total value of shares traded on the day, rose 6.56 percent to Taka 718 crore.

Grameenphone topped the revenue chart with Tk 60 crore, up 1.93 percent. It was followed by BRAC Bank, Linde Bangladesh and IBN Sina.

Block trades, or large-scale securities transactions that are privately negotiated and executed outside the open market, amounted to Tk 13.34 crore, accounting for 1.9 percent of the day’s total turnover.

BRAC EPL Stock Brokerage reported in its daily market update that sectors representing a large portion of market capitalization, the total value of a company’s outstanding shares, showed mixed performance.

The telecommunications sector posted the highest gain of 1.54 percent, followed by the food and related sectors (1.03 percent), banking (0.09 percent) and pharmaceuticals (0.07 percent).

However, the fuel and energy, technology and non-banking financial institutions (NBFIs) sectors suffered losses of 1.03 percent, 1.06 percent and 1.49 percent respectively.

However, the travel and leisure, paper and printing and financials markets ended with negative results, according to Shanta Securities’ daily market update.

In terms of individual stocks, Hami Industries topped the list of gainers, followed by Dhaka Electric Supply Company, Fareast Finance & Investment, Desh Garments, Tosrifa Industries and Sunlife Insurance Company.

However, Standard Ceramic Industries lost the most, namely 3.76 percent.

Phoenix Finance and Investments, Sunlife Insurance Company, Tosrifa Industries, Apex Spinning & Knitting Mills and Rahim Textile Mills also failed to post profits.