Stocks gained with increased volume of trade yesterday after remaining in red in the last three consecutive sessions, as some enthusiastic investors took position at the bottom despite no improvement in the political front.
Unlike previous several sessions, the market from the very beginning continued to move up and the momentum continued till close of the session, driven by mainly financials that suffered in the previous sessions.
The benchmark index DSEX surged almost 69 points or 1.6% to 4,360, recovering from its previous session’s 15-month low.
The Shariah Index DSES was up 11 points or 1% to 1,065. The comprising blue chips DS30 saw fractional gained 17 points or 1% to 1,670.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, settled at 8,150, rising 121 points.
Like Shahjibazar Power Company Limited, United Power Generation and Distribution Company Limited continued to show its muscle from its debut, soaring 10% to Tk190.9 a share.
It also remained most traded stocks for the seventh straight session with shares worth Tk55.6 crore changing hands.
Trading at DSE remained vibrant on the day as the total turnover stood at Tk470 crore, up 14% over the previous session. Out of total 303 issues traded, prices of 251 scrips closed in positive, 37 negative and 15 remained unchanged.
IDLC Investments said although main concern of the market—political situation –saw no development, market shot up riding on bargain opportunities in many scrips.
“Investors cautiously started moving in the market from sideline lured by cheap prices, surging turnover. However, confidence remained weak and vulnerable to adverse moves.”
Among the major sectors, engineering galloped by 4.8%, followed by non-banking financial institutions 4.4%, textile 3.3%, fuel & power 2.8%, bank 1.6% and pharmaceuticals 0.3% while telecommunication, food & allied fell and cement declined.
