Stocks turned around with initial volatility yesterday, breaking their three-day losing streak.
The market opened in red but started picking up from mid-session, pulling up by mainly telecommunication and financial stocks ahead of their third quarter earnings results.
The Dhaka Stock Exchange benchmark index, DSEX, has gained 45 points or 0.8% to close at 5,157, hitting highest 5,168 in the final minutes and lowest 5,098 in the morning.
The Shariah DSES index rose marginally 8 points or 0.7% to 1,213. The DS30 index comprising blue chip issues was up 20 points or 1% to 1,946.
The Chittagong Stock Exchange Selective Category Index, CSCX, settled at 9,675 with a rally of 104 points.
Trading activities, however, remained bearish as DSE turnover in value stood at Tk500 crore, down 4.6% over the previous session’s value. Telecommunication sector gained highest more than 2%, followed by bank that rallied 1.4%, non-banking financial institution 1.3%, cement 0.5% and textile 0.4%.
Pharmaceuticals and, food and allied also edged up.
Shahjibazar Power Company Ltd (SPCL) was the biggest gainer, posting a rise of 10% after the company saying Petromax Refinery, a subsidiary of SPCL, has decided to purchase a tanker vessel at a cost of Tk8 crore from Masum Trade International to meet the requirement of floating stock and distribution of finished oil.
Of the total cost, 70% or Tk5.6 crore will be financed by the Islami Bank and the rest Tk2.4 crore by the company’s own source.
The SPCL resumed its share trading last week after remaining suspended for more than two months because of unusual price rise of the stock.
Lanka Bangla Securities said the strength that has emerged on Motijheel Street partly reflected a positive reaction to earnings news from sector-specific stocks.
Bank and power stocks rose after DSE reported third quarter results that embedded expectations and issued above consensus revenue guidance for the fourth quarter, it said.
Out of 303 issues traded, 184 gained, 86 declined and 33 remained unchanged.
Grameenphone Ltd topped the liquidity chart with turnover worth over Tk39 crore.
It was followed by Mobil Jamuna Limited Bangladesh, Square Pharmaceuticals, BRAC Bank and Lafarge Surma Cement and Khulna Power Company Limited.