Stocks close higher as bargain hunters move for beaten-down scrips
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Stocks ended higher on Wednesday, as bargain hunters chose to take positions in the beaten-down scrips.
The prime index of the Dhaka Stock Exchange (DSE) increased by 54.81 points to settle at 5,197.93.
The capital bourse of the country logged some recovery as bargain hunters chose to take positions in the beaten-down scrips following consecutive sessions of corrections, while rumors over the central bank’s approval of the anticipated BDT 30 billion sovereign guaranteed loan to ICB instilled some positive sentiment across the trading floor, according to EBL Securities.
The blue-chip index DS30, a group of 30 prominent companies, saw a 23.13 --point increase to 1917.43, while the DSES Index, which represents Shariah-based companies, saw an 18.06 -point increase to 1,166.57 till the end.
Turnover, a crucial indicator of the market, stood at Tk 4.51 billion, up 25.40 per cent from the previous trading day.
The indices remained upbeat for the majority of today’s session, while the market recovery was aided by price appreciation in the majority of stocks, according to EBL Securities.
The majority of the stocks saw a price increase, as out of the 395 issues traded, 329 closed higher, 37 ended lower, and 29 remained unchanged on the DSE trading floor.
NRB Bank PLC was the most-traded stock with shares worth Tk 134.24 million changing hands, followed by Grameenphone Ltd, Agni Systems Ltd, Bangladesh Shipping Corporation, and Midland Bank PLC.
The Chittagong Stock Exchange (CSE) ended up with its All Share Price Index (CASPI) increasing by 137 points to settle at 14,469 and the Selective Categories Index (CSCX) rose by 83 points to settle at 8812.
The port city bourse traded 2.56 million shares and mutual fund units with a turnover volume of Tk 54.41 million.