Dhaka stocks bounced back on Tuesday with increased turnover as investors opted to purchase shares in cheap considering last three trading sessions’ freefall amid support from some state-owned entities. The key index of the Dhaka Stock Exchange, DSEX, rose by 1.73 per cent, or 89.31 points, to increase at 5,233.82 points. Market operators said the investors who were pessimistic for the last couple of trading sessions might have opted to purchase shares in cheap considering the last few trading sessions’ sharp fall.
The DSEX in the last six trading sessions declined by 189 points due to rumors on central bank’s increased monitoring over the capital market, big investors’ increased share selling and panic-driven share sell-offs by retail investors.
The market operators also said some state-owned entities might have increased their participation on the trading floor on Tuesday to tackle further fall in share prices and to make investors hopeful about the market prospects.
The shariah index of the bourse, DSES, increased by 2.10 per cent, or 26.15 points, to close at 1,233.48 points on the day.
Turnover of DSE increased to Tk 694.23 crore compared with that of Tk 596.95 crore in the previous trading session.
Of the 301 shares and mutual funds traded on the day, 227 advanced, 41 declined and 33 remained unchanged.
‘Breaking last three sessions’ pessimism, market bounced back today amid improved activity,’ IDLC Investments said in its daily market commentary on Tuesday.
‘Turnover reached Tk 694 crore by the end of the session which was 16.30 per cent higher in comparison to the previous session,’ it said.
‘Investors continued to remain active in fuel and power sector which captured 21.5 per cent of the day’s trade,’ said IDLC.
‘Among the major sectoral movement, banking sector gained 1.4 per cent, while cement, fuel and power and pharma stocks gained 3.4 per cent, 1.8 per cent and 2.2 per cent respectively,’ LankaBangla Securities said in its daily market analysis.
DS30, the blue-chip of the bourse, increased at 1,972.04 points, adding 2 per cent or 38.77 points.
MJL Bangladesh led the turnover chart as its shares worth Tk 32.45 crore changed hands.
Khulna Power Company, Square Pharmaceuticals, Grameenphone, RSRM Steels, Titas Gas, IDLC Finance, Beximco Pharma, City Bank and Lafarge Surma Cement were among other turnover leaders.
FAR Chemicals gained the most on the day as its share prices rose by 10 per cent, while EBL NRB Mutual Fund lost the most, shedding 9.85 per cent.
-With New Age input
