Stocks continue steady recovery
Domestic stocks maintained an upward trend for a third consecutive day yesterday as investors continued their buying spree.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose by 38 points, or 0.57 per cent, to close at 6,668 by the end of the trading session.
A total of 212 points were added to the index in the last three days.
At the same time, turnover of the country's premier stock market rose 37 per cent to hit Tk 1,061 crore while it was Tk 773 crore a day earlier.
This is the first time in the last ten trading sessions that the DSE's turnover has crossed Tk 1,000 crore.
General investors are hopeful about seeing a further increase in stock values as the market regulator pushed some institutional investors to invest money and lowered the circuit breaker limit to 2 per cent instead of 10 per cent, according to a stockbroker.
"So, they bought shares as their hopes turned into confidence," he said.
However, institutional investors are still shaky about investing, he added.
Beximco Ltd remained the most traded stock with shares worth Tk 49 crore changing hands followed by Fortune Shoes, BDCOM Online, Bangladesh Shipping Corporation, and Genex Infosys.
At the DSE, 193 stocks advanced, 147 declined and 39 remained unchanged.
BDCOM Online topped the gainer list, rising 9.93 per cent, followed by Meghna Condensed Milk, Agni Systems, VFS Thread, and Quasem Indutries.
National Tea Company shed the most, dropping 1.93 per cent, followed by Gemini Sea Foods, Libra Infusion, Tamijuddin Textiles, and BD Lamps.
The stocks of well performing companies fell the furthest in the last few days, a merchant banker said.
"This is because some foreign investors sold their shares," he said, adding that the drop of such stocks intensified the index's downward trend.
The merchant banker went on to say that when the index was falling, some junk stocks and low performing shares rose.
The bourses opened on upbeat note yesterday with increased investor participation amid market optimism, International Leasing Securities said in its daily market review.
The buoyant investors put fresh bets on lucrative issues following regulatory intervention to stop the recent freefall caused by Russia's war on Ukraine.
Among the sectors, IT rose 3.5 per cent, textiles advanced 1.5 per cent and general insurance increased 1.4 per cent while paper and printing dropped 1.6 per cent, tannery fell 0.9 per cent and life insurance declined 0.9 per cent.
The investors' attention was mainly concentrated on IT (15.2 per cent), textiles (14.9 per cent), and pharmaceuticals and chemicals (9.7 per cent).
The Chittagong Stock Exchange (CSE) also rose yesterday. The Caspi, the main index of the CSE, rose by 161 points, or 0.83 per cent, to close at 19,561.
Among the 283 traded stocks, 174 rose, 71 fell and 38 remained the same.
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