Stock turnover exceeds Tk 10b-mark after two months

Stocks stayed upbeat for the sixth straight session on Tuesday, with turnover crossing Tk 10 billion after two months, as buoyant investors kept their buying spree in lucrative shares.

Investor sentiment remained optimistic as institutional investors were putting fresh bets on stocks that became cheap after sharp corrections in recent times.

The recent news that the government may allow public servants to trade in the share market also boosted investor confidence, market analysts said.

In such a favourable environment, daily turnover reached Tk 10.19 billion, climbing further by 15 per cent over the previous session. It was the biggest single-day turnover since May 7 this year.

The prime index of the Dhaka Stock Exchange (DSEX) also rose more than 30 points or 0.54 per cent to 5,594, the highest in two months.

The prime index of the DSE gained more than 266 points in the past six trading days while market value surged by Tk 117 billion during that time.

Market experts said the market recovery has been aided by continuous price appreciation in the majority of stocks as investors kept on chasing quick rallies owing to heightened optimism across the trading floor.

The blue-chip index DS30, a group of 30 prominent companies, rose 4.6 points to 1,964 while the DSES Index, which represents Shariah-based companies, gained 8 points to 1,223.

Most of the traded issues saw price appreciation, as out of the 393 issues traded, 237 closed higher, 111 ended lower and 45 remained unchanged on the DSE trading floor.

Sea Pearl Beach Resorts became the most-traded stock with shares worth Tk 535 million changing hands, followed by Capitec Green Bank Growth Fund, Beach Hatchery, and Salvo Chemicals.

The Chittagong Stock Exchange (CSE) also ended higher with its All Share Price Index (CASPI) rising 95 points to 15,889 and the Selective Categories Index (CSCX) gaining 57 points to 9,564.

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