Stocks start fresh week in green
Indices at both the bourses advanced on Sunday thanks to last month's declined import bill and increased apparel exports in July and August, which helped to boost the confidence of investors.
DSEX, the broad index of the Dhaka Stock Exchange (DSE), increased by 20 points or 0.3% to close at 6,535.
Imports dropped to $5.38 billion in August from $6.79 billion a month ago, thanks to decreased procurement of fuel and capital equipment, according to the Bangladesh Bank.
Amid global market uncertainties, the country's apparel export showed growth in the first two months of the ongoing fiscal year.
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Both the updates offered a breathing space to investors who were concerned about the exchange rate and cautious in the stock market, said analysts.
The DSE indices managed to stay afloat in the first session of the week along with increased participation as bargain hunters continued their buying appetite for sector-specific stocks while others were engaged in partial liquidation of their holdings, EBL Securities wrote in its daily market commentary on Sunday.
The major index of the premier bourse faced correction last week after four consecutive winning weeks.
The market on Sunday opened on a positive note, with the DSEX adding more than 50 points within the first fifteen minutes of the session.
However, subsequent selling pressures on the major scrips pulled the reins on the surge in index value, while price appreciation in some sector-specific large-cap stocks kept the index afloat throughout the session.
DS30, the blue-chip index of the Dhaka bourse, closed 0.7% higher at 2,364.
Meanwhile, the DSE observed a notable rise in participation while the total turnover increased by 46% to Tk1,814 crore.
On the sectoral front, pharmaceuticals and chemical, miscellaneous, and engineering contributed 28.2%, 14.8%, and 7.4% respectively to the DSE's daily total turnover.
Travel, IT, and general insurance led the gaining sectors, while non-bank financial institutions, jute, and paper suffered the highest corrections.
Out of the 371 scrips traded in the DSE, 109 advanced, 140 declined, and 122 remained unchanged on Sunday.
The port-city bourse Chittagong Stock Exchange also settled in green terrain with a 118% jump in daily turnover to Tk40 crore.
