Stocks rallied with improvement in turnover yesterday, shrugging off political uncertainty and poor earnings result.
The market witnessed modest buying pressure mostly from institutions, helping indices close higher. The trading floors of the broker houses, however, yet to get life because of ongoing 48-hour strike and holiday hangover.
The benchmark DSEX index rose 63 points or 1.6% to 3,979, extending the gaining streak for the third straight session. The blue chip index DS30 was up 26 points or 1.8% to 1,508.
The Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, closed at 7,845 with a rise of 132 points.
“Stronger price performance by top traded companies helped pull the market up further. Ongoing political uncertainty seems to affect the investors very little,” said Lanka Bangla Securities in its daily market analysis.
The trading activities increased but still remained poor as the total market turnover stood at Tk3.2bn, which was almost double the value of previous session’s three-month low.
Gainers outpaced losers as out of 286 issues traded, 228 gained, 36 declined and 22 remained unchanged.
“Lucrative prices pumped up demand throughout the session and turned market dimension. Resultantly, the bourse retained its position in green zone for the third consecutive session with the addition of 62.52 points,” said IDLC Investment.
Despite a 99.15% rise in turnover, activity maintained lethargic trend as Q2 declarations passed by and investors were observing political situations ahead of imminent national election, it said.
All the sectors ended in green. Among the major sectors, power gained the most with 2.90%, followed by NBFIs which closed 2.60% higher. Banks and pharmaceuticals rose 0.88% and 0.86% respectively.
Padma Oil, a state-owned oil distribution company, was the most traded stock with shares worth Tk281m changing hands.
It was followed by Meghna Petroleum, Bangladesh Submarine Cable Company Ltd, Olympic Industries, Square Pharmaceuticals, Jamuna Oil, Argon Denim and Premier Cement.
