Stocks snap two days’ losing streak

Business Desk :
Stocks ended higher on Tuesday, breaking a two-day losing streak, as bargain hunters placed fresh bets on selective stocks in anticipation of short-term gains.

A section of investors focused on selectively lucrative stocks that had experienced price erosion duringt the recent correction, such as Sonali Paper, Unique Hotel & Resorts, Eastern Housing, Marico and Sea Pearl Beach Resorts.

Following two days of declining prices, the market opened higher and the positive trend continued until the end of the session.

DSEX, the broad index of the Dhaka Stock Exchange, finally went up by 16.70 points or 0.26 per cent, closing at 6300.56, after losing 21 points in the past two trading days.

Two other indices also ended higher.

The DS30 Index, comprising blue-chip companies, rose by 5.05 points, closing at 2,133 and the DSES index, representing Shariah-based companies, gained 2.42 points, reaching 1,364.

Market operators said that stocks managed to close higher as some investors seized quick gain opportunities in lucrative insurance stocks.

Turnover, a crucial indicator of the market, stood at Tk 5.23 billion, marking a 17 per cent increase compared to the previous day.

Fu-Wang Food maintained its dominance in the turnover charts, with shares worth Tk 344 million changing hands.

The Chittagong Stock Exchange (CSE) also ended higher, with the CSE All Share Price Index (CASPI) gaining 26 points to settle at 18,617 and the Selective Categories Index (CSCX) rising 16 points to 11,130.