DSE surges for six straight days

Shares on the Dhaka Stock Exchange surged 250.38 points in the last six trading days, powered by a buying spree.
Trading of heavy-weight stocks took turnover to Tk 476 crore, a 5.84 percent rise from the previous day.
Improving turnover in the last few sessions boosted investors' confidence as they were relying on a temporary respite on the political front, IDLC Investments said in its market analysis.
DSEX, the benchmark general index of the Dhaka bourse, closed the day at 4,083.92 points, after gaining 50.14 points or 1.24 percent.
Scrip-wise swings continued from the beginning of trading as 17 percent of total traded scrips posted a 4 percent rise, the investment banker said.
“We are observing an increasing trend of turnover, indicating improved participation by investors,” LankaBangla Securities said in its daily market analysis.
“Investors are recovering some of their position which they offloaded in the selling frenzy before Eid-ul-Fitr.”
But the market direction is still not clear, the stockbroker said.
Now, whether the market resumes the bull trend or this is just a temporary bounce from the downward trend which started from the peak of the recent rally, is a matter to be seen in next few trading days, it added.
Of the 289 issues that traded on the DSE, 186 advanced, 79 declined and 24 remained unchanged.
A total of 1.06 lakh trades were executed with 9.04 crore shares and mutual fund units changing hands on the Dhaka bourse.
All major sectors posted gains; telecoms rose 3.05 percent, banks 1.87 percent, pharma 1.18 percent, power 0.59 percent and non-bank financial institutions 0.41 percent.
Padma Oil featured in the most traded stock chart with 7.58 lakh shares worth Tk 28.68 crore changing hands.
Central Pharmaceuticals was the biggest gainer of the day, as it posted 12.42 percent gains, while Midas Finance was the worst loser, slumping 13.06 percent.