Stocks jump as engineering, pharma and textile shares soar

Equity indices of the stock exchanges jumped in the first one-and-half-hour trading session on Monday as major sectors including engineering, pharmaceutical and textile share prices soared.

Bank and insurance sectors, however, lost their share prices as some investors sold those shares to book quick profit.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose by 0.75% to 6,473 points till 11:30am which happens to be the highest mark of the index in history.

The DSE turnover stood at Tk 885.19 crore during the corresponding period.

During the first one-and-half-hour, 233 companies' share price advanced, while 115 declined and 27 remained unchanged at the DSE.

Saif Powertec grabbed the top position on the DSE turnover chart, with a trade worth Tk31.54 crore, followed by GPH Ispat and Beximco Limited.

Meanwhile, the port city bourse Chittagong Stock Exchange benchmark index CASPI gained 0.71% to reach 18,767.

Earlier, Bangladesh Bank asked banks to report on stimulus package usage by the company within five days.

The central bank claimed that companies are investing stimulus packages into other sectors such as land and share market. But the funds were given to the companies to use them as their working capital.

However, people related to share markers strongly denied the claim made by the central bank. They said the recent share market boom was not dependent on stimulus packages.