FE Report
Stocks bounced back Wednesday after losing in the last three sessions, with turnover hitting highest in the year, as investors went for buying spree amid optimism.
The market started with a flying note and remained vibrant throughout the session amid strong buying pressure from the investors.
DSEX, the prime index of the Dhaka Stock Exchange (DSE) shot up by 68.87 points or 1.60 per cent to close at 4,360 points, after hitting 15-month lowest level in the previous trading session.
The two other indices also ended higher. The DS30 index, comprising blue chips soared 17.09 points or 1.03 per cent to close at 1,670.70 points. The DSE Shariah Index (DSES) rose 10.73 points or 1.01 per cent to close at 1,065.39 points.
Trading at DSE remained vibrant and the single-day turnover crossed Tk 4.0 billion-mark for the second running session to Tk 4.69 billion, registering an increase of 14 per cent over the previous session's Tk 4.12 billion.
It was also the highest turnover in four and a half months since on 4 December 2014 when turnover was Tk 5.13 billion. However, the ever highest turnover was recorded Tk 32.49 billion on December 5, 2010 when the market was bullish.
The investors' attention was mostly focused on power, engineering and pharma - the sectors that accounted for 27 per cent, 17 per cent and 13 per cent respectively of the day's total turnover.
"The stock market witnessed a shining session amidst growing optimism from the investors," said International Leasing Securities, a stock broker, in analysis.
Investors' increased participation, along with notable buying pressure indicates that the market might have released from its recent bearish momentum, it said.
"The positive result of improvement in country's political arena has started to reflect in the county's capital market," said the International Leasing.
IDLC Investments, a merchant bank, said, "Although main concern of the market, political situation observed no development, market shot up riding on bargain opportunities in many issues".
The port city bourse, Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index - CSCX - rose 121.38 points to close at 8,150.25 points.
Gainers beat losers 178 to 44, with 10 issues remaining unchanged at the port city bourse that traded 10.56 million shares and mutual fund units, turnover value of Tk 390.68 million.
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