Late-hour buying spree pulls DSEX up

Having started the session with a sharp selloff on Monday, Dhaka-Chattogram stocks bounced back before the closing bell.

Thanks to optimistic investors continued appetite for lucrative stocks with the potential for quick gains. 

DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), on continuation of the previous session's decline, fell by more than 20 points to 6,264 till 12.15 pm on Monday.

Almost all the non-life insurance and a few other scrips, after a sharp short-term rally last week, were the hardest hit by the correction, while a number of mid- and large cap scrips extended their fall.

As the bulls came back to the scene, many of the large-cap scrips kept inching up over the second half of the session, and finally the DSEX closed at 6,281.65, which was 0.35 points up from the previous close.

In the DSE, 74 scrips advanced and 97 declined.

The Dhaka bourse observed a decrease in participation as total turnover fell by 12.9% to Tk704 crore.

Food and allied, general insurance, and miscellaneous sectors contributed the highest 15%, 10.3%, and 10.2% of the daily turnover, respectively.

Most of the sectors displayed positive returns, out of which the travel, IT, and jute sectors led with 2.4%, 1.1%, and 1% gains, respectively.

The general insurance, tannery, and life insurance sectors faced the biggest corrections.

The Chittagong Stock Exchange indices managed to stay afloat while turnover in the port city bourse increased 45% to over Tk34 crore.