Stock recovery picks up as investors return

The domestic stock market continued its recovery yesterday as major indices maintained an upward trend for the past two trading sessions thanks to increased investor participation, according to experts.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE) soared by 114 points, or 1.66 per cent, to 6,982 yesterday. This is the highest single-day leap since October 26, when the prime index grew by 1.75 per cent.

Similarly, turnover at the DSE reached Tk 1,163 crore, up 15 per cent from Tk 1,007 crore a day earlier.

Of the stocks listed with the Dhaka bourse, 301 rose, 43 fell and 31 remained the same.

ADN Telecom topped the gainers' list, rising 9.79 per cent, followed by Sena Kalyan Insurance, Islamic Finance, Advent Pharmaceuticals, and Dominage Steel Building.

The Dhaka stocks observed a bullish session as bargain hunters continued their buying spree on sector specific issues amid optimism, International Leasing Securities said in its daily market review.

The market started with buoyancy and ended in the same line as optimistic investors showed their appetite by pouring money into stocks.

As a result, the prime index of the country's premier bourse has come within arm's reach of the 7,000-point mark.

"The investors' enthusiasm in the financial institution, cement, ceramic and textile sectors helped the DSEX stay in the green," it added.

Stocks of Beximco Limited traded the most, worth Tk 145 crore, followed by Orion Pharmaceuticals, LafargeHolcim Bangladesh, Beximco Pharmaceuticals, and IFIC Bank.

Doreen Power shed the most, dropping 7.62 per cent, followed by Hamid Fabrics, Eastern Insurance, Eastern Cables, and Fortune Shoes.

The Chittagong Stock Exchange (CSE) also rose yesterday. The CASPI, the main index of the port city bourse, rose by 336 points, or 1.67 per cent, to 20,434.

Among 282 traded stocks, 228 rose, 30 fell and 24 remained unchanged.