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Stocks rebounded on a gaining streak on Tuesday, after a single-day break, as buoyant investors put fresh bets on lucrative stocks after the IMF loans approval news.
The International Monetary Fund (IMF) board on Monday night approved the release of $1.15 billion in the third tranche of the $4.70 billion loan package for Bangladesh.
This is a significant development for Bangladesh grappling with dwindling foreign exchange reserves over the past two years and the news boosted the investors’ confidence to some extent, market operators said.
As a result, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 21.65 points or 0.41 per cent to 5,242, after losing more than 26 points in the previous day.
The market rally was largely supported by high market liquidity with turnover rising 9 per cent over the previous day to Tk 5.25 billion, the highest in two weeks.
Price hikes of ICB, Square Pharma, Unilever, Marico, Beximco Pharma and Brac Bank mostly contributed to the market rebound.
The DS30 index, a group of 30 prominent companies, gained nearly 10 points to 1,878, while the DSES index, which represents Shariah-based companies, rose more than 6 points to 1,149.
Of the 394 issues traded, 171 closed higher, 162 ended lower, and 61 remained unchanged on the DSE trading floor.
The Chittagong Stock Exchange (CSE) also ended higher with its All Share Price Index (CASPI) soaring 111 points to 14,837 and the Selective Categories Index (CSCX) rising 67 points to 8,929.