Stocks stage strong recovery

Stocks on Wednesday staged a strong recovery, buoyed by improved investor sentiment following the emerging signals of a potential ceasefire extension in Middle East conflict, prompting continued accumulation of beaten-down scrip’s in anticipation of improved market momentum.

DSEX, the broad index of the Dhaka Stock Exchange (DSE), advanced by 41.2 Points to settle at 5,299 points as against 5,257 points in the previous trading session, reports BSS.

Market indices tracked a firm upward trajectory from the outset of the session with predominant buying interest, while investor participation strengthened steadily as the session progressed, driving broad-based price appreciation across most of the scrip’s.

Apparently, market turnover crossed the BDT 10 billion-mark after 2 months, increasing by 13.7% to Taka 10.6 billion from Taka 9.3 billion in the previous session.

On the sectorial front, Engineering (17.3) per cent accounted for the highest share of turnover, followed by Textile (13.9) per cent and General Insurance (13.5) per cent sectors. Almost all the sectors displayed positive returns, out of which Financial Institutions (2.0) per cent, Bank (1.7) per cent and Paper (1.4) per cent exhibited the most positive returns, while Tannery (-0.7) per cent, Ceramic (-0.7) per cent and Services (-0.6) per cent displayed most correction on the bourse on Wednesday.

Of the 397 issues traded, 212 advanced, 120 declined, and 64 remained unchanged. The port city bourse, CSE, also settled on a positive territory. The Selective Categories’ Index (CSCX) and All Share Price Index (CASPI) added 37.0 points and 60.4 points, respectively.