Stocks extend mild recovery streak

The capital market extended its mild recovery streak for the second straight session yesterday as bargain hunters continued selective accumulation of beaten-down stocks, although persistent selling pressure reflected investors’ cautious stance over the market’s near-term outlook.

Market analysts said the trading session began on a positive note, supported by opportunistic buying that continued until mid-session, reports BSS.

However, the momentum later moderated as investors cautiously downsized equity exposure amid uncertainty surrounding market direction, trimming part of the intraday gains.

Despite the volatility, buying interest maintained a slight edge toward the close, allowing the benchmark DSEX index of the Dhaka Stock Exchange (DSE) to rise by 10.8 points to settle at 5,222, up from the previous session’s 5,212 points.

Turnover on the premier bourse also improved significantly, increasing by 24.5 percent to Tk 840 crore compared with Tk 670 crore in the previous session.

Sector-wise, General Insurance dominated turnover with 16.1 percent of total traded value, followed by Pharmaceuticals at 15.3 percent and Engineering at 14.0 percent.

Among the gaining sectors, General Insurance posted the highest rise with 1.7 percent growth, followed by Information Technology with 0.9 percent and Engineering with 0.7 percent gains.

On the other hand, Ceramic sector suffered the sharpest correction, declining by 1.5 percent, while Services and Tannery sectors each lost 1.0 percent.

Out of the 396 issues traded on the DSE, 198 advanced, 127 declined and 76 remained unchanged.
Meanwhile, trading at the Chittagong Stock Exchange ended on a mixed note.

The Selective Categories’ Index (CSCX) fell by 12.9 points, while the All Share Price Index (CASPI) advanced by 24.3 points.