Dhaka, Bangladesh (BBN) – Bangladesh’s stocks returned to higher on Tuesday, after previous day’s mild correction, as optimistic investors took position on large-cap stocks.
Analysts said the market rebounded as investors showed their buying appetite on heavyweight bank shares amid optimism.
“The banking sector kept the market afloat amid dividend expectation as many banks are yet to declare dividend,” said an analyst at a leading brokerage firm.
Following the previous day’s mild correction, the market opened with a mixed trend as the key index of the Dhaka bourse advanced 6.41 points, while the Selective Category Index of port city bourse lost 3.80 points within first 15 minutes of the day’s trading at 10:45am.
After 30 minutes of trading, the key index of the country’s major bourse stands at 5,722.86 points, advancing 25 points while the Selective Category Index of port city bourse rose 33 points at 11:00am.
At 12:00 noon, the key index went up by 28.08 points while the Selective Category Index of port city bourse gained 61.34 points after one and a half hour of trading and the upbeat trend sustained till end of the session.
The key index of DSE advanced 39.48 points while the Selective Category Index of port city bourse added 47.30 points at the closing.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), finished at 5,737.42 points, advancing 39.48 points or 0.69 per cent over the previous session.
The two other indices also finished higher.
The DS30 index, comprising blue chips, saw sharp gain of 23.40 points or 1.12 per cent to close at 2,095.19 points.
The DSE Shariah Index (DSES) also advanced 0.66 point or 0.05 per cent to stand at 1,297.38 points.
Turnover, the important indicator of the market, rose to BDT 9.96 billion, which was 28 percent higher than the previous day’s BDT 7.78 billion.
However, the losers took a modest lead over the gainers as out of 328 issues traded, 171 closed lower, 120 closed higher and 37 remained unchanged on the DSE trading floor.
City Bank dominated the DSE turnover chart with some 15.33 million shares worth BDT 617 million changing hands, closely followed by LankaBangla Finance BDT 433 million, AB Bank BDT 304 million, Beximco BDT 288 million and Ratanpur Steel BDT 249 million.
Delta Brac Housing Finance was the day’s the best performer, posting a 9.95 percent gain, while Northern Jute Manufacturing was the worst loser, slumping by 6.15 percent.
The port city bourse, the Chittagong Stock Exchange (CSE) also ended higher with its Selective Categories Index – CSCX –advancing 47.30 points to settle at 10,711 points.
Losers beat gainers as 127 issues closed lower, 98 closed higher and 26 remained unchanged on the CSE.
The port city bourse traded 22.43 million shares and mutual fund units’ worth BDT 665 million in turnover.