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Stocks closed higher on Sunday as bargain hunters betted on lucrative large-cap shares in anticipation of a potential turnaround following regulatory interventions.
The recovery was also supported by higher than expected earnings declarations from many companies, as well as regulatory interventions to prevent further market erosion, market experts said.
Price increases in selective large-cap stocks such as Power Grid, British American Tobacco, Beximco Pharmaceuticals Ltd and Grameenphone Ltd mostly contributed to the market’s upturn, accounting for a combined rise of 27.25 points in the key index at closing.
As a result, DSEX, the key index of Dhaka Stock Exchange (DSE), went up by 76 points or 1.36 per cent to reach 5,692 at the end of the session.
The blue-chip index DS30, comprising 30 prominent companies, rose by over 25.59 points to 2033, while the DSES Index, which represents Shariah-based companies, gained more than 18.55 points to 1,251.
Regulatory efforts such as narrowing the scope for individual stock movements to a maximum of 3 per cent instead of 10 per cent in a single day and taking a tough stance against spreading rumours, helped to stop the market erosion, said a leading broker.
Turnover, a crucial market indicator, stood at Tk 7.18 billion.
Of the issues traded, 259 advanced, 98 declined and 44 remained unchanged.
Chittagong Stock Exchange (CSE) also closed higher, with the CSE All Share Price Index (CASPI) gaining 181 points to 16,232.