Stocks registered modest rally for the third straight session amid volatility yesterday with persistent poor trading.
Initially hesitant market ended in green, led by institutional buying support. The benchmark DSEX index gained nearly 28 points or 0.7% to settle at 4,314. The blue chip comprising index DS30 rose 26 points or 1.8% to 1,505. The Chittagong Stock Exchange Selective Category Index, CSCX, closed at 8,478 with a rise of 55 points.
Participation in trading continued to drop, indicating lower volume of trade. Turnover at the DSE stood at Tk370 crore, a fall of 10% over the previous session.
The engineering sector, led by Appollo Ispat, contributed 17.6% to the total market turnover - highest among all sectors. After a long time, telecommunications saw the highest gain of more than 2%.
It was followed by power and pharmaceuticals, which closed 1.7% and 1.6% higher respectively.
The financial sectors – banks, financial institutions and insurance – performed poorly.
Lanka Bangla Securities in its daily market analysis said after rising around 24 points in first one hour, the market became volatile.
At the end of the trading session, the benchmark index closed to a new high level extending to last one month’s peak and approaching towards next resistance level of 4,400, it said.
IDLC Investment said despite prevailing uncertainty, the last trading session before election ended positive. Gainers took a marginal lead over the losers as out of 289 issues traded, 150 closed higher, 74 lower and 32 remained unchanged.
Newly listed Appollo Ispat was the most traded stock, followed by Lanka Bangla Finance, Summit Purbanchal Power Company, Golden Son, Generation Next Fashion, Square Pharmaceuticals and Bangladesh Submarine Cable Company.
