The market bounced back on Tuesday, snapping a four-day losing streak, as investors put fresh bets on large-cap stocks which posted healthy profit growth.
The market started on a positive trend and continued the upward trend until the end of the session with no sign of reversal.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), soared 71.31 points or 1.02 per cent to settle at 6,997, over 106 points in the last four consecutive sessions
Two other indices also closed higher with the DS30 index, comprising blue chips, rose 29.41 points to finish at 2,588 and the DSE Shariah Index gained 15.60 points to close at 1,497.
Turnover, an important indicator of the market, also rose and amounted to Tk 13.52 billion, which was 11 per cent higher than the previous day’s tally of Tk 12.15 billion.
Market operators said stocks rebounded as bargain hunters went on buying spree on stocks that reported higher profit growth in the latest quarterly earnings declarations.
Higher than expected earnings and dividend declarations of some of listed companies also encouraged investors to put fresh funds on stocks, said a stockbroker.
Gainers took a strong lead over the losers, as out of 380 issues traded, 239 ended higher, 95 lower while 46 remained unchanged on the DSE trading floor.
A total number of 238,787 trades were executed in the day’s trading session with a trading volume of 288.33 million shares and mutual fund units.
The market capitalisation of the DSE also rose to Tk 5,611 billion on Tuesday, up from the previous day’s mark of Tk 5,569 billion.
Beximco - the flagship company of Beximco Group- topped the turnover chart with shares worth Tk 968 million changing hands, closely followed by LafargeHolcim (Tk 909 million), Bangladesh Shipping Corporation (Tk 709 million), Bangladesh Building Systems (Tk 388 million) and Orion Pharma (Tk 377 million).
Bangladesh Building Systems was the day’s best performer, posting a gain of 9.92 per cent while Envoy Textile was the worst loser, losing 3.41 per cent.
The Chittagong Stock Exchange also bounced back with its All Shares Price Index (CASPI)—rising 223 points to close at 20,522 while the Selective Categories Index – CSCX soaring 135 points to close at 12,329.
Of the issues traded, 208 advanced, 73 declined and 24 issues remained unchanged on the CSE.
The port city bourse traded 17.06 million shares and mutual fund units with turnover value of Tk 472 million.
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