Stocks soar for fourth session

Indices of both stock exchanges extended their bull run for the fourth session on Sunday as the share prices of food, telecom, and textile sectors soared.

EBL Securities said in its daily market commentary, buying appetite on local bourses sustained due to surprising earning disclosures despite coronavirus-infused challenges in the country.

Most investors have turned their focus to low-price textile stocks while the portfolio restructuring strategy sparked a sell frenzy in the hyped-up insurance stocks, it added.

On Sunday, DSEX, the key index of the Dhaka Stock Exchange (DSE), rose by 0.70% or 39 points to reach 5,645, while blue-chip index DS30 gained by 0.74% to 1,261 points and Shariah index DSES increased by 1.34% to 2,165 points.

CASPI, the main index of the Chittagong Stock Exchange, also rose by 122 points to reach 16,331.

With the surging index, 176 companies experienced an increase in share prices, 126 companies registered a decline while the share price of 63 companies remained unchanged at the DSE.

The daily turnover of the DSE decreased by 9% to Tk1,352 crore.

Investors received the highest return of 3.7% from the food sector followed by the telecom and the textile, while the insurance sector saw price correction as its price hiked in the past few days.

The general insurance sector contributed 16.26% to the DSE's total turnover.

The shares of Symtex, eGeneration, Lub-rref, Tallu Spinning, VFS Thread, Prime Textile, Zaheen Spinning, Appollo Ispat, NRBC Bank, Kattali Textile, and Energypac gained more than 9%.

In the scrip-wise turnover chart, Beximco Limited secured the top position with a 9% contribution to the DSE's total turnover followed by National Feed Mill and Robi.