Stocks rallied after two consecutive flat sessions yesterday on buying pressure mainly on financials, food and allied, cement and telecommunications issues.
The benchmark index DSEX rose 37 points or 0.85% to close at 4,416.
The comprising blue chips DS30 rose 13 points or 0.8% to 1,602. The Shariah index DSES gained 7 points or 0.78% to close at 985.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, was up 60 points to close at 8,478.
Turnover at the DSE stood at Tk240 crore, up by 1.8% over the previous session. Out of 294 issues traded, 161 advanced, 82 declined and 51 closed unchanged on the DSE floor.
“Market bounced back and surpassed its tri-sessions’ bearish spell,” said IDLC Investments, in its market analysis.
The consequent buying motive in some of large caps stepped up DSEX above 4,400 points level, it said. Since national budget 2014-15 is on its way, investors has been monitoring the market phenomenon and its behavioral impact.
It said as the cloudy phenomena sustained in the last few sessions, participants could not drive much certainly, keeping total turnover still low.
Lanka Bangla Securities said a firm up move amid improved market turnover value indicts that the investors are gaining confidence to buy stocks at current level after a month long bearish tone.
It said investors might have got a positive vibe hearing approval of $169m for 13 projects under foreign aid Japanese government’s pledge for $6bn economic assistance.
“Experts have considered it a time befitting way of stabilising the currency rate and squeezing the deficit in balance of payment.”
Market bellwether banking issues gained 1.2%, followed by cement, food and allied, tannery, pharmaceuticals and telecommunications.
Lafarge Surma Cement was the top turnover leader with shares worth Tk17 crore changing hands followed by Grameenphone, Square Pharmaceuticals, Mercantile Bank, Heidelberg Cement, Eastern Housing Ltd, BSRM Steel and Meghna Petroleum.
