Stocks bounce back from three days of falls
A price increase in large cap stocks has mostly helped the market make a comeback on Tuesday
Indices of both stock exchanges bounced back on Tuesday after three days of continuous falls due to profit booking sell pressure.
A price increase in large cap stocks, namely British American Tobacco, Beximco Limited and LafargeHolcim, has mostly helped the market make a comeback on Tuesday, said an analyst at a brokerage firm.
At the end of Tuesday's trading session, DSEX – the benchmark index of the Dhaka Stock Exchange (DSE) – charged up by 0.66% to reach 6,869 points and the blue-chip index rose 0.42% points to stand at 2,453.
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The port city bourse Chittagong Stock Exchange's key index CASPI jumped by 153 points to reach 19,997.
Shares of 376 companies were traded on the DSE on Tuesday, of which 225 advanced, 119 declined and 32 remained unchanged.
Besides, as investors' participation increased on the bourse and the total turnover significantly rose by 22% to Tk2,249 crore, compared to the previous trading session.
EBL Securities said in its daily market review, the bullish trend from the beginning of the session persisted till the closure as investors engaged in buying bonanza after the market observed consecutive falls in the last few sessions. Moreover, the stellar performing general insurance scrips continued to rise while the mutual fund sector, after impressive earning declarations, observed an intense selling spree on the bourse.
On the sectoral front, the general insurance sector contributed 13.81% to the total turnover of the DSE, followed by textile 13.49% and pharma 9.55%.
Most of the sectors exerted positive returns, out of which cement secured 3.4%, general insurance 3.1% and life insurance 2.9%, while investors got negative returns from mutual funds.
Islami Insurance and Makson Spinning both topped the gainers' list with a 10% price hike, followed by Bangladesh National Insurance, Eastern Insurance and Appollo Ispat.
Seven mutual funds took positions on the top looser table, while Grameen Scheme Two was the worst share on Tuesday, which lost 14% of price.
