Stocks rallied yesterday amid higher volume of trade, ending bearish spell over the several weeks, as continued political unrest subdued.
The market opened the week on a positive note, following previous session’s uptrend and remained upbeat for the whole session, led by financial institutions.
The benchmark index DSEX rose 48 points or 1% to close at 4,558.
The Shariah Index DSES gained 14 points or 1.4% to 1,111. The comprising blue chips DS30 was up 24 points or 1% to 1,737.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, closed at 8,468, rising 130 points.
Buying binge has pushed up turnover at the Dhaka Stock Exchange that stood at Tk390 crore, an increase of 12% over the previous session and highest in 12 weeks.
Four out of top ten turnover scrips came from fuel & power sector, which accounted for 23.4% of the total turnover.
Non-banking financial institutions gained highest 3.3%, driven by IDLC that surged 4.6%. Telecommunication soared 3%, followed by power 2.95%, pharmaceuticals o.8% and banks 0.2%.
On the other hand, tannery sectors suffered most tumbling 1.4%, dragged down by Apex Footwear that dropped 4.7% on its poor earnings. Cement lost 1.31% and food & allied 1%.
IDLC Investments said investors tried to reverse the market, exploiting apparent political calm. In addition, although first quarter was abysmal for the economy, earning expectations built up and played a complementary role in stock pricing, it said.
Lanka Bangla Securities said market performed quite well during the first day of the week as investors are getting a little hopeful about the country’s political situation.
ACI Limited topped the liquidity chart with turnover worth more than Tk31 crore, making up 8% of the total turnover.
