DSE rebounds as bargain hunters seize opportunities amid earnings reports
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Stocks ended higher on Tuesday after losing 6.5 per cent over four trading sessions, as bargain hunters took positions on scrips based on the latest earnings.
The prime index of the Dhaka Stock Exchange (DSE) increased by 118.8 points to settle at 5,017.33.
The benchmark index of the capital bourse paused its prolonged losing streak today as bargain hunters capitalized on the latest earnings declarations to seek short-term gains. This shift occurred amid regulatory efforts to boost investor sentiment by forming a committee to investigate the reasons behind the recent downtrend, according to EBL Securities.
The blue-chip index DS30, which comprises 30 prominent companies, saw a 52.38-point increase to 1,858.28, while the DSES Index, representing Shariah-compliant companies, rose by 26.20 points to 1,113.66 by the end of trading.
Buyers gained market momentum from the start of the trading session, which persisted throughout the day, settling the benchmark index in positive territory. However, concerns remain about the sustainability of this momentum due to the lack of strong positive catalysts to shift investor sentiment toward optimism, according to EBL Securities.
Turnover, a crucial market indicator, stood at Tk 3.47 billion, down 3 per cent from the previous trading day.
The majority of stocks saw a price increase; out of 394 issues traded, 312 closed higher, 57 ended lower, and 25 remained unchanged on the DSE trading floor.
BRAC Bank PLC was the most-traded stock, with shares worth Tk 135.29 million changing hands, followed by Grameenphone Ltd., Islami Bank Bangladesh PLC, Far East Knitting & Dyeing Industries Limited, and ACME Laboratories Limited.
The Chittagong Stock Exchange (CSE) also ended on a positive note, with its All Share Price Index (CASPI) increasing by 196 points to settle at 14,018, and the Selective Categories Index (CSCX) gaining 122 points to settle at 8,528.
The port city bourse traded 5.16 million shares and mutual fund units, with a turnover volume of Tk 100.83 million.