FE Report
The market recovered
slightly Wednesday, breaking a four-day losing streak as fundamentally
strong scrips greeted investors to take position at lucrative price.
The
benchmark index of the Dhaka Stock Exchange (DSEX), ended at 3,821.56
points, gaining 29.21 points or 0.77 per cent from previous sessions'
four and a half month low level.
The DS30, comprising blue chip index also advanced 11.69 points or 0.84 per cent to close at 1,372.61 points.
However,
turnover value on DSE dipped to a fresh two month low to Tk 2.25
billion, registering 14.82 per cent decline over the previous session's
value. It was also the lowest turnover since Tk 1.62 billion on August
12 last.
"Rising from oversold
territory, market explored its wining streak Wednesday, mostly spurred
by availability of stocks lucrative price," LankaBangla Securities said
in its regular market analysis.
The
country's export earnings continue to be a blessing for the economy, it
said. "Investors have seen value of their holdings recovered a bit
after four days of erosion," said the stock broker.
"Natural
buy pressures backed by post Eid expectations put the bourse in green
zone after four straight negative sessions," said IDLC Investments.
Simultaneously,
DSEX closed above psychological level of 3,800 points after touching
four & half months' lowest point, previous day.
"Continuous
price decline in last few sessions lured some of the witty participants
for positioning in fundamentally strong scrips," said the merchant
bank.
However, most of the
general investors were observing market sentiment rather than active
trade, which kept participation lethargic, the merchant bank said.
"Meticulousness
in trading prevailed as market showed mixed trend of profit taking and
re-positioning throughout the session. Consequently, turnover declined
by 14.82 per cent and hit two months' lowest level," the merchant bank
added.
"The market observed some
buying pressure as some investors tried to capitalize on some stocks in
the hope for future growth after the festivals, coupling with decrease
in investors cashing out tendency before holidays," stated Zenith
Investments.
Investors also kept
in mind that since the market was in a downward trend for a long time,
the chance of moving away from the support zone is now imminent, said
the Zenith analysis.
The gainers
took a modest lead over the losers as out of 280 issues traded, 193
advanced, 61 declined and 26 remained unchanged in the prime bourse.
All
the major sectors ended in green except NBFIs which lost 1.16 per cent.
The large-cap sectors - fuel & power, banks, pharmaceuticals and
telecommunications advanced 1.49 per cent, 0.72 per cent, 0.28 per cent
and 0.12 per cent respectively.
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