FE Report
The market remained buoyant for the third straight session Wednesday with turnover crossing Tk 5.0 billion-mark again on the major bourse as investors went for buying spree on bank and power stocks.
The market opened with an upward mood and remained vibrant throughout the session amid strong buying pressure from the investors, including global fund managers.
DSEX, the prime index of the Dhaka Stock Exchange (DSE) went up by 59.10 points or 1.19 per cent to close just below 5,000-mark at 4,992.00 points. DSEX added 223 points or 4.66 per cent in the past three consecutive sessions.
The other two indices also closed higher. The DS30, comprising blue chips gained 16.53 points or 0.89 per cent to close at 1,853.83 points. The DSE Shariah Index rose 12.35 points or 1.07 per cent to close at 1,166.37 points.
Turnover crossed Tk 5.0 billion-mark after 10-session and amounted to Tk 5.16 billion, registering an increase of 38.33 per cent from the previous session's value of Tk 3.73 billion.
The investors' attention was mostly focused on power, pharma and banks - the sectors that accounted for 18.10 per cent, 17.60 per cent and 13.55 per cent of the day's total turnover respectively.
"The market's recent bearish vibe seemed to have disappeared amid the investors' optimism and buying spree across the major sectors in the past couple of trading sessions," said International Leasing Securities.
Price appreciation within bank sector along with several large cap stocks was observed throughout the session as investors felt positive about the market condition, said the International Leasing.
IDLC Investments said: "The gaining tone extended further and resumed an upbeat reversal. DSEX added 59.1 points more in its fleet to close slightly below 5,000-mark level".
As bullishness prevailed in last three consecutive sessions, investors find confidence of coming back to market, again, said the merchant bank.
"Expectations continued matching lucrative price level, which enforced fresh fund injection. Improvement in remittance flow put its positive impact on market movement," the merchant bank added.
"It seems that bearish trend is slowly rotating into bullish trend and the pessimism of the market is reaching its quarterly low, as indexes have showed enough strength for the past three days," said Zenith Investments.
LankaBangla Securities said: "Rising from the oversold state, market has upheld it bullish trend with almost 223 points up in last three trading sessions".
The benchmark index gained 59.11 points closing just below 5,000-mark backing on mostly financial stocks, FMCG and Oil stocks, said the stock broker.
Overall positive movement of the market was largely attributed to fuel and power sector which gained 2.58 per cent. The sector heavy-weight Titas Gas saw 4.1 per cent price appreciation.
Banks sustained its positive trend as well with 1.70 per cent gain. Cement and pharmaceuticals soared by 1.34 per cent and 1.16 per cent respectively. NBFIs gained 0.85 per cent. Telecommunication and food and allied saw marginal correction with losing 0.64 per cent and 0.16 per cent respectively.
Gainers outpaced lowers as out of 304 issues traded, 235 advanced, 49 declined and 20 remained unchanged on the DSE floor.
Activities increased in the major bourse where trade and volume were up by 25.35 per cent, and 43.32 per cent respectively. A total of 0.104 million trades were executed with trading volume of 122.28 million securities.
The market capitalization of the DSE stood at Tk 3,295.14 billion against Tk 3,269.92 billion in the previous session.
Keya Cosmetics was the most traded stock with shares worth Tk 227.49 million changing hands followed by Titas Gas, Summit Port Alliance Port, Square Pharma and AB Bank.
The port city bourse, Chittagong Stock Exchange (CSE) also closed higher for the third session with its Selective Categories Index - CSCX - gained 111.99 points to close at 9,361.26 points.
Gainers beat losers 159 to 47, with 21 issues remaining unchanged at the port city bourse that traded 11.55 million shares and mutual fund units, turnover value of Tk 351.16 million.
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