Stocks back to black after nine red sessions
Stocks broke a nine-day losing streak to return to the black yesterday, on the back of optimistic investor buying.
DSEX, the benchmark general index of Dhaka Stock Exchange, gained 32.53 points or 0.74 percent, to close at 4,376.89.
The market gauge lost 142.71 points in the last nine trading days.
The shariah index, DSES, accelerated 7.85 points or 0.79 percent to 998.
The market returned to the positive territory with investors' concentration on lucrative scrips, said IDLC Investments, an investment banker.
Last few sessions' continuous erosion lured in some participants to park fresh funds in undervalued stocks and created a natural rebound.
Turnover rose 24.10 percent to Tk 186 crore from the previous day, but sluggishness still prevailed as investors watched macroeconomic developments.
“Besides, they seemed more cautious ahead of Eid-ul-Fitr,” IDLC Investments said.
Investors showed up with strong positions from the beginning of the trading session mostly in pharma, engineering and fuel stocks, said LankaBangla Securities.
Of the major sectors, cement, engineering and miscellaneous led the market with 2.5 percent, 2 percent and 2.9 percent returns. Non-bank financial institutions lost 0.15 percent.
The gainers took a strong lead over losers with 193 to 56, while 42 remained unchanged out of the 192 issues traded on the DSE.
Beximco became the top turnover leader with 67.62 lakh shares worth Tk 23 crore changing hands followed by Grameenphone, Square Pharma and Olympic Industries.
A total of 0.49 lakh trades were executed with 4.62 crore shares and mutual fund units changing hands on the Dhaka bourse.
Fine Foods saw the highest gains among listed stocks, posting an 8.55 percent rise, while Midas Financing was the worst loser, shedding 7.55 percent.
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