Stocks break four-day losing streak
Stocks returned to the black yesterday, breaking a four-day losing streak, as low prices of shares lured investors to take fresh position in the market.
The free float-based Broad Index, DSEX, closed the day at 3,891.98 points, after surging 58.44 points or 1.52 percent.
The market will remain closed for six days from today due to the upcoming Eid-ul-Fitr.
“All of the market tracking indices saw some buying before the closing of Eid holiday,” said LankaBangla Securities in its analysis.
Investors have seen the value of their holdings recovering a bit after four days of erosion, the stockbroker said.
Multiple anticipations are roaming around how the imminent political gridlock will be resolved and how things will unfold in the coming days, it stated.
The closing session ahead of the Eid-ul-Fitr stepped up with investors' interest in lucrative scrips, said IDLC Investments in its analysis.
“Last few sessions' continuous price wane acted as the core catalyst and created some stimulus of undervaluation, which lured some of the witty participants to take position and create a natural re-bounce again.”
Scrip-wise swings were visible from the very beginning and continued throughout the session, the merchant bank said.
Meanwhile, investors were upholding their judgment to be much more careful in respect of their day-to-day trading, as they were observing turnaround situations, especially upcoming political developments, it said.
Turnover, the most important indicator for the market, advanced 5.59 percent to Tk 215 crore, compared to the previous day.
An aggregate of 0.56 lakh trades were executed with 4.16 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 279 issues that traded on the DSE floor, 225 advanced, 43 declined and 11 remained unchanged.
Amid the major sectors, engineering gained 1.95 percent, non-bank financial institutions 1.48 percent and power 1.43 percent.
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