Stocks rebound on bargain hunting amid improved investor confidence

Stocks on Tuesday got some respite after a prolonged downturn as bargain hunting returned across the board amid improved investor confidence following the Prime Minister’s assurance of an immediate resolution to industrial gas supply constraints and regulatory engagement with leading brokers.

DSEX, the broad index of the Dhaka Stock Exchange (DSE), gained 93.5 points to settle at 5,538 points today against 5,472 points in the previous trading session.

The market opened on a positive note, with the upward momentum sustaining throughout the session. At one point, the DSEX gained more than 100 points as broad-based buying interest emerged and most scrips recovered following consecutive sessions of declines.

Market turnover rose to Tk500cr representing a 3.8 percent increase compared to the Tk 490cr recorded in the previous trading session.

On the sectoral front, Textile accounted for the highest share of turnover at 21.9 percent, followed by General Insurance at 19.4 percent and Bank at 12.2 percent.

Most sectors posted positive returns, with Services gaining 4.1 percent, General Insurance 3.8 percent and Paper 3.7 percent.

Of the 395 issues traded, 333 advanced, 15 declined and 47 remained unchanged.The port city bourse, Chittagong Stock Exchange (CSE), also ended the session in positive territory.

The selected indices (CSCX) and All Share Price Index (CASPI) gained 26.2 points and 50.5 points respectively to close at 10,055.5 and 16,573.4 points.