Stocks closed higher yesterday, after a day of profit-booking, driven by telecommunications, financials and mutual funds.
The benchmark DSEX index gained 24 points or 0.6% to end at 4,751. Shariah DSES index rose 6 points or 0.7% to 991.The blue-chip comprising DS30 index ended at 1,686 with a rise of 19 points or 1%.
The Chittagong Stock Exchange Selective Category Index, CSCX, soared 78 points to close at 9,351.
Participation in trading improved as the total market turnover stood at Tk527 crore, which was 25% higher over the previous session.
“Currently, market has been tightly trading between a strong support and resistance which is signaled by a sideways movement of index,” said Lanka Bangla Securities in its market analysis.
Rise in market turnover indicates that investors are herding on the DSE making higher turnover value, it said.
Financial stocks and mutual funds were mostly in buyers’ interest. All other sectors closed positive except power and cement which ended flat.
Telecommunication was the market mover as the sector posted the highest gain of 2.3%, led by heavy weight Grameenphone.
Among the major sectors, pharmaceuticals, engineering, financial institutions were the best performers.
IDLC Investment said having a correction in previous session, bargain hunters snuck in, pushing market back on track.
Volatility remained vigilant, especially in micro cap and large cap scrips, it said.
It said 32 scrips posted more than 4% movements, demonstrating scrip-wise swings and surge in fresh funds pulled up turnover above Tk500 crore after six sessions.
Zenith Investment said buyers seem to be back in control, after previous session’s shallow pullback of the index.
“The market continues acting well with high turnover volume. Despite some mixed performance in the middle of the trading day, the buying pressure from traders weighed heavily which ultimately lifted the sectors.”
Olympic Industries was the most traded stocks worth Tk37 crore, followed by Square Pharmaceuticals, Bangladesh Shipping Corporation, Lanka Bangla Finance, Singer BD, Generation Next and Meghan Petroleum.
