Stocks snap two-session losing streak on selective bargain hunting

Stocks edged higher on Tuesday, snapping a two-session losing streak as investors selectively bought recently battered shares, although overall market sentiment remained subdued amid persistent uncertainty.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), gained 4.0 points to settle at 5,409 points, compared with 5,405 points in the previous trading session, according to BSS report.

The market experienced a volatile session, with an initial uptick in the benchmark index gradually losing momentum amid renewed selling pressure. Despite intermittent recovery attempts, the index struggled to sustain its gains during the latter half of the session before closing marginally higher.

Meanwhile, market turnover stood at Tk 410 crore, compared with Tk 450 crore in the previous session.
On the sectoral front, textile stocks dominated turnover, accounting for 23.7 percent of the total, followed by general insurance at 12.0 percent and banking at 9.8 percent.

Sectoral performance remained mixed, with mutual funds posting the highest gains of 4.7 percent, followed by general insurance at 2.3 percent and jute at 2.0 percent.

In contrast, telecommunications and fuel and power stocks each declined 0.8 percent, while travel stocks fell 0.7 percent.

Of the 395 issues traded on the DSE, 194 advanced, 134 declined and 67 remained unchanged, indicating a positive market breadth despite continued selling pressure in several sectors.

Meanwhile, the port city bourse, the Chittagong Stock Exchange (CSE), closed lower. Its selected indices, CSCX and CASPI, declined by 28.5 points and 29.2 points, respectively.