Stocks closed on a happy note amid thin trade On Thursday, as the market went for a 9-day holiday for celebrating Eid-ul-Azha and weekends.
The rally was led by banks, telecommunications, textiles, cement and pharmaceuticals sectors.
The benchmark DSEX index rose 21 points or 0.6% to 3,843, extending gaining streak for the second consecutive session. The blue chip index DS30 was slightly up 3 points or 0.3% to 1,388.
The Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, closed at 7,494 with a rise of 29 points.
“Closing session ahead of Eid-Ul-Azha highlighted another demand push scenario as participants were focusing on post-Eid phenomenon,” said IDLC Investment in its daily market analysis.
Additionally, Q3 earnings expectation forced investors’ sentiment to be positive during the session, it said.
Trading activities remained poor as it stood at Tk2.2bn, which was 2.8% lower over the previous session. Gainers took a marginal lead over the losers as out of 286 issues traded, 146 advanced, 122 declined and 27 remained unchanged.
Lanka Bangla Securities said on the last day of trading before the vacation, market cheered with festive mood with rally on some major sectors like financial and textile sectors.
The combination of low bank deposit rates, steady political upheaval, fresh start after holidays and continues losing streak for the past few days leading to a reversal trend from the support zone have ignited the interest level of investors towards the stock market, thus steering the bourse in a positive direction, said Zenith Investment.
Banks gained the most 1.2%, after remaining under pressure for a long time. It is followed by telecommunications, pharmaceuticals, food and allied, and textile. Financial institutions and power went down.
The top traded stocks included Argondenim, Envoy Textile, MI Cement, Square Pharmaceuticals and Heidelberg Cement.