Stocks bounce back led by insurance

The stock market managed to stay in the positive yesterday thanks to stocks of insurers and banks. 

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

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

Insurance stocks led the market which ultimately gave a boost to the market index where banking stocks also contributed, said a stock broker.

All the general insurance stocks rose 7.43 per cent on an average and banking stocks soared 1.54 per cent, according to the LankaBangla data.

Turnover, another important indicator of the market, fell around 1 per cent to Tk 2,065 crore. In the turnover, insurance stocks contributed 26 per cent or Tk 528 crore.

At the DSE, 181 stocks advanced, 145 fell and 43 remained unchanged.

Market analysts are saying that some investors bought shares as many stocks fell in Monday's profit booking session when the DSEX dropped 62 points.

The Islamic Finance & Investment topped the gainers' list that rose 10 per cent followed by the National Housing Finance and Investments, Gemini Sea Food, Asia Insurance and Phoenix Insurance.

Stocks of Beximco was traded the highest, worth Tk 154 crore, followed by Pioneer Insurance, Fortune Shoes, LankaBangla Finance and National Feed Mills.

MI Cement shed the most, losing 4.28 per cent, followed by BD Welding Electrode, First Finance, GQ Ball Pen Industries and Square Textiles.

Chittagong Stock Exchange (CSE) also went up. The CASPI, the general index of the port city bourse, rose 113 points, or 0.65 per cent, to 17,431.

Among 300 stocks to witness trade, 148 rose, 111 fell and 41 remained unchanged.