Stocks extend recovery for 2nd straight session

The benchmark index of the Dhaka Stock Exchange (DSE) extended its recovery for the second consecutive session on Wednesday, as opportunistic investors continued bargain hunting, particularly in beaten-down stocks, amid cautious sentiment over persistent domestic concerns.

The DSEX, the broad index of the DSE, gained 23.1 points to settle at 5,660 points, compared with 5,637 points in the previous trading session.

The market opened on an optimistic note, although early gains were pared back amid intermittent selling pressure as investors remained active on both sides of the trading fence.

However, sustained buying interest, particularly in textile and insurance stocks, helped the market close higher.

Meanwhile, market turnover increased 22.5 percent to Tk 730cr from Tk 590cr in the previous session.
Textile stocks accounted for the highest share of turnover at 39.5 percent, followed by general insurance at 13.1 percent and pharmaceuticals at 10.3 percent.

Most sectors posted positive returns. General insurance gained 2.3 percent, textile 2.0 percent and tannery 1.4 percent. Financial institutions and jute were the only sectors to register marginal corrections, declining 0.4 percent and 0.3 percent respectively.

Of the 395 issues traded, 238 advanced, 89 declined and 68 remained unchanged.
The Chittagong Stock Exchange (CSE) also ended the session in positive territory.

Its Selective Categories’ Index (CSCX) and All Share Price Index (CASPI) advanced 31.7 points and 56.2 points respectively.