Dhaka, Bangladesh (BBN) – Bangladesh’s stocks returned to higher on Monday, snapping a three-day losing streak, as optimistic investors took position on some large-cap stocks.
Analysts said the market rebounded as investors showed their buying appetite on sector specific large-cap shares amid optimism.
Following the previous three days’ correction, the market opened higher and the key index of the major bourse rose 34 within first 30 minutes of trading, but in the mid-session eroded half of the initial gains.
However final hour’s strong buying closed the market nearly 48 points higher.
The key index of the country’s prime bourse advanced 47.96 points while the Selective Category Index of port city bourse jumped 106 points at the closing.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), finished at 5,739.33 points, advancing 47.96 points or 0.84 per cent over the previous session.
The two other indices also finished higher.
The DS30 index, comprising blue chips, saw sharp gain of 32.07 points or 1.54 per cent to close at 2,115.98 points.
The DSE Shariah Index (DSES) also advanced 18.34 points or 1.41 per cent to stand at 1,320.02 points.
Turnover, the important indicator of the market, rose to BDT 9.38 billion, which was 27 per cent higher than the previous day’s BDT 7.41 billion.
The gainers took a strong lead over the losers as out of 329 issues traded, 161 closed higher, 129 closed lower and 39 remained unchanged on the DSE trading floor.
LankaBangla Finance dominated the DSE turnover chart for the second day in a row with some 7.07 million shares worth BDT 449 million changing hands, followed by City Bank BDT 396 million, Beximco Pharmaceuticals BDT 355 million, IDLC Finance BDT 327 million and Square Pharmaceuticals BDT 335 million.
Navana CNG was the day’s the best performer, posting a 7.77 percent gain, while Fareast Finance was the worst loser, slumping by 8.87 per cent.
The port city bourse, the Chittagong Stock Exchange (CSE) also returned to higher with its Selective Categories Index – CSCX -jumping 106 points to settle at 10,795 points.
Gainers beat losers as 124 issues closed higher, 85 closed lower and 35 remained unchanged on the CSE.
The port city bourse traded 17.88 million shares and mutual fund units’ worth BDT 653 million in turnover.