Stocks regained yesterday, breaking three days of losses as investors took advantage of lower prices.
The market opened higher and the momentum continued till close of the trade, lifted by mainly heavyweights – telecommunications and banks that gained more than 2% each.
The benchmark DSEX rose 45 points or 1% to end at 4,368. It was its steepest single-day gain in last ten trading sessions.
The Shariah Index DSES rallied over 9 points or 1% to 998. The comprising blue chips DS30 closed at 1,610 with a rise of 17 points or 1%.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, rallied 112 points to 8,346.
Trading activities improved but still remained below Tk300 crore, indicating investors continued to adopt cautious mood in trading.
Turnover at DSE stood at more than Tk293 crore, which is 32% higher over the previous session. Investors focused sector-wise positioning such as pharmaceuticals, bank and telecommunications, making up 43% of the total trade.
Gainers took a strong lead over the losers, as out of 296 issues traded, 173 advanced, 87 declined and 36 remained unchanged.
Power, pharmaceuticals and non-banking financial institutions edged higher while life insurance and food and allied declined marginally on price correction.
IDLC Investments said remaining dip in few sessions, a natural re-bounce floated the market rhythm.
“Since, the indices lost substantially in last couple of days, a handsome number of scrips came at lucrative range. Backed by this, investors re-assessed and took position in selective preferred stocks,” it said.
Lanka Bangla Securities said at the third day of this week, market rebounded and ended in positive territory as value investors perceived the market to be in an oversold situation.
Much of the gain can be attributed to surge in banking and telco stocks, it said. Moreover, two big caps, namely Grameenphone and Lafarge Surma Cement surged by 2.8% and 2% respectively.
Grameenphone, the country’s top mobile phone operator, was the most traded stock with shares worth Tk16 crore changing hands.
It was followed by Lafarge Surma Cement, Bangladesh Submarine Cable Company Ltd, ACI, Beximco Ltd, Square Pharmaceuticals and BSRM Steel.