The textile sector witnessed a session of immense gain in the stock market yesterday as investors rebalanced their portfolios in this sector after a good rally in the bank and power sectors.
Of the 50 textile stocks, 39 soared, seven declined and four remained unchanged yesterday.
According to LankaBangla Securities data, turnover in the textile sector soared 64.6 percent yesterday compared to the previous day. This sector’s turnover was Tk 135 crore, which is 18.7 percent of the day’s total turnover in the premier bourse.
“As the bank and fuel sectors have already seen a rise in the previous days, investors are now investing in other big sectors like textile,” said Mohammed Rahmat Pasha, CEO of UCB Capital Management.
He said there was no other reason for this sector to witness the increase. Since the total turnover in the market is almost the same, it means people are just rebalancing their portfolios. Of the major sectors, textile increased 1.92 percent, followed by ceramic 0.82 percent, fuel and power 0.42 percent and engineering 0.18 percent.
However, the benchmark index of the Dhaka bourse, DSEX, declined 2.61 points or 0.04 percent to finish the day at 5,600.64.
Turnover of Dhaka Stock Exchange (DSE) soared 14.05 percent to Tk 722.23 crore yesterday, with 20.83 crore shares and mutual fund units changing hands.
Of the traded issues, 117 advanced, 165 declined and 51 closed unchanged.
Khulna Power dominated the turnover chart with 54.26 lakh shares worth Tk 41.34 crore changing hands, followed by Saiham Textile, National Housing and Finance, IPDC Finance and United Power Generation.
The textile sector dominated the gainers list yesterday. Tosrifa Industries was the day’s best performer with a 10 percent gain followed by Prime Textile Spinning Mills, Peninsula Chittagong, Saiham Textile Mills and Regent Textile Mills.
Saver Refractories was the worst loser, shedding 6.32 percent, followed by Shyampur Sugar Mills, Midas Financing, Provati Insurance and IPDC Finance.
Chittagong stocks soared yesterday with the bourse’s benchmark index, CSCX, increasing 3.40 points or 0.03 percent to finish the day at 1,443.10.
Losers beat gainers as 101 advanced, 119 declined and 32 finished unchanged in the port city stock exchange.