Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The market extended its winning streak for the second session in a row on Thursday, as investors put fresh bets on lucrative stocks after recent sharp corrections.
The market jumped at opening, which was sustained till the end of the session, led by BAT Bangladesh, Robi, Best Holdings, Beacon Pharma, United Power and Square Pharma.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), finally went up by 69 points or 1.17 per cent to settle at 5,941.
The DSEX recovered 127 points in the past two days after suffering losses of 352 points in the previous eight days.
Two other indices also ended higher with the DSE 30 Index, comprising blue chips, rose 25.43 points to finish at 2,057 and the DSE Shariah Index (DSES) advanced 15.46 points to close at 1,293.
Turnover, a crucial indicator of the market, rose to Tk 6.10 billion on the country’s premier bourse, climbing by 45 per cent over the previous day’s mark of Tk 4.22 billion.
Market experts said the stock recovery was led by renewed optimism as investor sentiment rebounded on the back of reform recommendations by the stockbrokers.
The majority of shares are rebounding from their prolonged losing streak as some opportunist investors came up to take positions on low-priced stocks owing to positive expectations, said a leading broker.
The high-net-worth investors are injecting fresh funds into the market while forced sales have halted to some extent, extending the market recovery, he said.
However, overall market confidence is yet to rebound since there is no major trigger for the market to bounce back from the prolonged bearish sentiment.
More than 76 per cent traded issues saw price appreciation, as out of 397 issues traded, 303 closed higher, 44 lower and 50 remained unchanged on the DSE trading floor.
The newly listed Best Holdings became the most traded share, with shares worth Tk 299 million changing hands, followed by LafargeHolcim, Golden Son, Central Pharma and Fu-Wang Ceramic.
Monospool Paper Manufacturing Company was the day’s top gainer, posting a 9.98 per cent rise, while Jute Spinners was the worst loser, shedding 3.73 per cent.
The Chittagong Stock Exchange also extended its winning streak, with its All Shares Price Index (CASPI) rising 176 points to 16,937 and the Selective Categories Index (CSCX) soaring 105 points to 10,168.