Stocks gained for a sixth day as buyers went on a buying spree as the market has been showing signs of recovery for the last few days.
The benchmark general index of Dhaka Stock Exchange, DGEN, went up 56 points or 0.87 percent, to end the day at 6,514.
On the port city’s bourse, the selective categories index of Chittagong Stock Exchange, CSCX, added 81 points or 0.70 percent, to close at 11,736.
Investors’ participation was high from the first session of the four-hour trading session on the bourses after a 30-hour countrywide shutdown. The market started the day on an upbeat note in the first trading session.
Some investors screamed for buying low-profile shares, which is not a good sign for the market’s wellbeing. A number of low-profile companies gained abnormally without any price sensitive news, said a stock broker.
He suggested the investors buy shares of high-profile companies for the long run as the price earnings ratio of some sectors looks quite lucrative.
Banking scrips again joined the race in earnest and helped set DGEN above 6,500 points, a strong resistance level, said LankaBangla Securities, in its daily market analysis.
The government’s decision of allowing undisclosed money into the stockmarket kept the market buoyant as investors are hoping that abundant credit would flow into the market, said a merchant banker.
The Securities and Exchange Commission should approve initial public offerings of some companies as soon as possible to increase supply to the market, he added.
Turnover on the premier bourse stood at Tk 1,419 crore, 10.3 percent down from the previous day’s
Tk 1,581 crore.
-With The Daily Star input