Stocks bounced back on Tuesday, snapping a three-day losing streak, as buoyant investors put fresh bets on major sector shares amid positive expectations.
The market opened on a positive note and the upbeat trend sustained till the end of the session with no sign of reversal.
Finally, DSEX, the benchmark index of the DSE, went up by 45.64 points or 0.66 per cent to settle at 6,869, after losing more than 61 points in the past three consecutive sessions.
Two other indices also ended higher with the DSE 30 Index, comprising blue chips, gained 10.46 points to close at 2,453 and the Shariah Index (DSES) rose 6.04 points to stand at 1,490.
Turnover, another important indicator of the market, stood at Tk 22.49 billion on the country’s premier bourse, which was 22 per cent higher than the previous day’s one-month lowest turnover of Tk 18.46 billion.
Market analysts said the bargain hunters put fresh bets on major sector stocks after a three-day profit booking sell-off, taking the market indices in green territory
The investors remained optimistic amid lower returns from the money market, limited scopes of investment in other instruments, and the securities regulator’s latest move to extend credit facilities to the investors, said an asset manager.
The gainers took a strong lead over the losers as out of 376 issues traded, 225 advanced, 119 declined and 32 remained unchanged on the DSE trading floor.
Beximco - the flagship company of Beximco Group-topped the turnover list with shares worth Tk 1.16 billion changing hands, followed by LafargeHolcim (Tk 954 million), BATBC (Tk 641 million), Makson Spinning Mills (Tk 557 million) and Beximco Pharma (Tk 511 million).
Islami Insurance Bangladesh was the day’s top gainer, posting a 10 per cent rise while Grameen One: Scheme Two was the worst loser, losing 14.28 per cent following its corporate declaration.
The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index – CASPI –soaring 153 points to settle at 19,997 and the Selective Categories Index – CSCX rising 86 points to close at 11,985.
Of the issues traded, 202 advanced, 100 declined and 25 remained unchanged on the CSE trading floor.
The port city’s bourse traded 27.23 million shares and mutual fund units with a turnover value of Tk 714 million.