Stocks mixed, insurance rules gainers' list
Indices displayed mixed performance on Tuesday with the insurance sector once again dominating the top gainers' list.
Nine out of the top ten gainers were insurance stocks on the day. Among them, Janata Insurance was the highest gainer of price with a 9.97% appreciation. The other insurance companies in the list were Asia Insurance, United Insurance, Trust Islami Life Insurance, Sandhani Life Insurance, Pioneer Insurance, Eastern Insurance, Agrani Insurance, and Phoenix Insurance.
The general insurance sector, as a whole, posted the highest gain of 1.3% in market capitalisation, followed by life insurance gaining 1.2%.
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Not only the insurance stocks were among the top gainers, they were also the most traded ones on the Dhaka Stock Exchange (DSE) on Tuesday.
The general insurance sector contributed the highest 46.5% to the day's Tk811.7 crore turnover. In the sector-wise turnover distribution, general insurance was followed by life insurance stocks with a contribution of 10.9% on Tuesday.
In its daily market commentary, EBL Securities wrote investors continued to chase quick-gain opportunities in sector-specific stocks, but in the mid-session, sell pressure mounted as cautious investors preferred to book gains from the recent rallies as they anticipated a probable shift in market momentum.
Meanwhile, DSEX, the broad-based index of the DSE, closed in the green terrain at 6,311 points on Tuesday, pretty much the same as it was in the previous session. The blue-chip index DS30 also closed in green, whereas the Shariah index DSES moved down a bit.
Of all the DSE scrips, 69 advanced, 85 declined, and 160 remained unchanged.
