Dhaka, Bangladesh (BBN) – Bangladesh’s stocks edged higher for the second day in a row on Tuesday as most of the investors remained on buying spree amid optimism.
Analysts said the market closed higher for two consecutive sessions as enthusiastic investors were active on large-cap stocks almost throughout the session, taking the prime index of the major bourse to a new high for 2016.
The market started with a positive note and the key index of the major bourse rose around 21 points within first hour of trading, but profit booking sale pressure eroded most of the gain, ultimately ended 9.76 points higher.
At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 9.76 points or 0.20 percent to settle at fresh 14 months high at 4,846.09, which was the highest level of DSEX since October 1, 2015, when DSEX was 4,856.96.
The two other indices also edged higher. The DS30 comprising blue chips advanced 1.11 points or 0.06 percent to finish at 1,785.47 points.
The DSE Shariah Index (DSES) gained 0.54 point or 0.05 percent to close at 1,152.18 points.
Turnover, the crucial indicator of the market, also stood at BDT 7.95 billion, which was 1.61 percent lower than the previous session’s turnover of BDT 8.08 billion.
The gainers took a modest lead over the losers as out of 322 issues traded, 146 closed higher, 127 closed lower and 49 remained unchanged on the DSE trading floor.
IFAD Autos dominated the DSE turnover chart with about 6.89 million shares worth BDT 619 million changing hands, followed by Bangladesh Building Systems BDT 311 million, Brac Bank BDT 292 million, Shasha Denims BDT 225 million and Argon Denims BDT 195 million.
HR Textile was the day’s highest gainer, posting a 9.92 percent gain, while Savar Refactories was the worst loser, slumping by 6.46 percent.
The port city bourse, the Chittagong Stock Exchange (CSE) also finished higher with its Selective Categories Index –CSCX – advancing 21.36 points to settle at 9,077.52 points.
Gainers beat losers as 110 issues closed higher, 108 closed lower and 34 remained unchanged on the CSE.
The port city bourse traded 18.78 million shares and mutual fund units’ worth over BDT 601 million in turnover.