Stocks snap two-day losing streak

Business Report :
Stocks bounced back in the gaining streak on Wednesday, snapping a two-day losing streak, as bargain hunters showed buying interest on sector-specific stocks.
Four insurers featured in the top gainers list after the government gave its consent to launch ‘bancassurance’, a model of selling insurance products through banking channels in the country.
Insurance stocks soared as some investors went on buying spree following the government approval to introduce bancassurance, said a stockbroker.

DSEX, the benchmark index of the DSE, finally went up by 15.66 points and settled at 6,366, after losing more than 16 points in the past two trading days.
Also, buyers dominated the session as optimistic investors opted to take positions in equities ahead of the quarterly earnings declarations with positive expectations of capturing a short-term gain, said the stock broker.

The DS30 Index, which consists of blue-chip companies, also gained 2.51 points to 2,200. However, the DSES index, which represents Shariah-based companies, saw a fractional loss of 0.42 points to 1,387.
The daily trade turnover on the DSE dropped 16 per cent to Tk 8.77 billion.

Fu-Wang Food, a small-cap company, continued to dominate the turnover chart, with shares worth Tk 483 million changing hands, closely followed by Sea Pearl Beach Resorts, Rangpur Dairy & Food Products, Khan Brothers PP Woven Bag Industries and Midland Bank.

Of the 366 issues traded, 116 closed higher, 65 lower and 185 issues remained unchanged.
The Chittagong Stock Exchange (CSE) also edged up with the CSE All Share Price Index – CASPI – gaining 12 points to settle at 18,780.
The port city’s bourse traded 4.48 million shares and mutual fund units with a turnover value worth Tk 105 million.