Stocks gained with lacklustre trading yesterday, breaking four days of losses.
Like previous sessions, the market opened lower falling about 30 points in the morning but started rising on some buying pressure on telecommunications and IT sectors.
The benchmark index DSEX rose 38 points or 0.9% to close at 4,656, scaling back from previous session’s more than five month low.
The Shariah index DSES gained 11 points or 1% to 1,102. The comprising blue chips DS30 closed at 1,723, rising 17 points or 1%.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, ended at 8,643, up 80 points.
But the bottom line is that volume of trade continued to dip as most investors remained inactive over the current political strife.
The volume of trade in value came down below Tk200 crore to stand at Tk194 crore, which is lowest in more than a month and 14% lower than the previous session
Fuel & power was the day’s most active sector capturing almost 15% of the total turnover with bank taking the second position with 12.6% share, as dividend expectations built around the sector.
Telecommunication came to spotlight on the day with a rise of 2.8% after sharp correction in the last week.
IT sector came second rallying 2.3%, followed by non-banking financial institutions 2% and engineering 1.4%. Cement and miscellaneous sector closed in red.
The market breadth remained positive, as out of 303 issues traded, 207 advanced, 60 declined and 36 remained unchanged.
IDLC Investments said after last few sessions political crisis fueled arbitrary sell off, bargain hunters moved into the market, summoning buy pressure across most of the scrips.
However, activities were not up to the mark, as turnover declined further.
Lanka Bangla Securities said market rebounded from oversold situation.
“However, market still looked for a medium term perspective concerning impact of political turmoil on business.”
C&A Textile was the most traded stocks with shares worth over Tk9 crore changing hands, followed by Aamra Technologies, Lafarge Surma Cement, Grameenphone, Mobil Jamuna Bangladesh, Agni System and United Commercial Bank.
