Stocks rise for sixth straight day

    Stocks rise for sixth straight day

    All three Bangladeshi stock indices closed at record highs yesterday after a difficult week as investors worried about the Delta coronavirus variant as Bangladesh Bank launched an expansionary monetary policy for the current financial year.

    Shares of United Power Generation and Square Pharmaceuticals helped the indexes rise, contributing 15 points to the benchmark.

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    The DSEX, the Dhaka Stock Exchange Index (DSE), has continued to rise over the last six trading days, rising 60 points, or 0.92 percent, to 6,596 yesterday.

    The DS-30 blue chip stock index rose 19 points to 2,385 a day. The Shariah index of the leading stock market, DSES, rose 15 points to 1,439.

    It seems to be a strong trend of the indices as the participation of the investors is quite good in the market, said a leading stock broker.

    At the moment, it seems justified based on the high profits of listed companies, he said, adding that the economy is recovering.

    The central bank’s monetary policy was also supportive of sending the market index to higher levels, he added.

    Turnover, another important market indicator, increased by 8.5 percent to TK 2,511 crore. The DSE market capitalization added 0.51 percent to TK 544,326, which is also the highest in DSE history.

    As banks do not have enough options to invest their excess liquidity due to the intensity of the pandemic, they are active in the stock market, market analysts said.

    Many traders are also rushing to the stock market, they added.

    At the DSE, 242 shares rose, 103 fell and 29 remained unchanged.

    CVO Petrochemical Refinery topped the list of winners, rising 10%, followed by Usmania Glass Factory, Dacca Dyeing, Paper Processing and Packaging and Gemini Sea Food.

    Beximco shares traded higher, worth Tk 128 million, followed by Orion Pharmaceuticals, GPH Ispat, Malek Spinning and Saif Powertec.

    Asian Life Development Fund Tiger Sandhani lost the most, falling 6.25%, followed by Beacon Pharmaceuticals, GBB Power and NLI First Mutual Fund.

    The port stock market also rose yesterday. CASPI, the general index of the Chittagong Stock Exchange, rose 155 points, or 0.82%, to 19,014.

    Among the 326 shares to be traded, 165 went up, 141 fell and 20 remained unchanged.

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