Stocks bounce back led by insurance

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    The stock market managed to remain positive yesterday thanks to the shares of insurers and banks.

    The DSEX, the Dhaka Stock Exchange (DSE) benchmark, rose 47 points, or 0.79 percent, to 6,023.

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    The broad index movement was flexible as the market fluctuated between positive and negative to finally close to positive, LankaBangla Securities said in its daily market analysis.

    Insurance shares led the market, which ultimately boosted the market index, where banking stocks also contributed, a stockbroker said.

    All general insurance reserves increased by 7.43% on average and bank reserves increased by 1.54%, according to LankaBangla.

    Turnover, another important market indicator, fell about 1 percent to TK 2,065 million. During the turnover, the insurance shares contributed 26% or 528 million Tk.

    In the DSE, 181 shares rose, 145 fell and 43 remained unchanged.

    Market analysts say some investors bought stocks as many stocks fell in Monday’s gains session as the DSEX fell 62 points.

    Islamic Finance & Investment was at the top of the 10% increase in profits followed by National Finance and Housing Investments, Gemini Sea Food, Asia and Phoenix Insurance.

    Beximco shares traded the highest, worth Tk 154 million, followed by Pioneer Insurance, Fortune Shoes, LankaBangla Finance and National Feed Mills.

    MI Cement lost more, losing 4.28%, followed by BD Welding Electrode, First Finance, GQ Ball Pen Industries and Square Textiles.

    The Chittagong Stock Exchange (CSE) also rose. CASPI, the port’s overall index, rose 113 points, or 0.65 percent, to 17,431.

    Of the 300 stocks that traded, 148 rose, 111 fell and 41 remained unchanged.

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