Stocks end higher ahead of Eid holidays as most shares gain

Stocks closed in the green today, the last trading session before the Eid holidays, as a majority of listed companies posted gains, helping the market recover from the previous day's losses.

The stock market goes on a seven-day leave from 17 to 23 March on the occasion of Eid-ul-Fitr and Shab-e-Qadr, and all trading activities and official operations will remain suspended during this period.

According to the data, DSEX, the broad index of the Dhaka Stock Exchange, recovered 34.8 points to settle at 5,354 points. On Sunday, stocks ended on a red as the market observed selling pressures that dragged DSEX by 49 points. 

Meanwhile, turnover, one of the major indicators of the market, declined 12% to Tk460 crore as investors' participation remained subdued ahead of the vacation.

While the prices of the majority of stocks surged, the market capitalisation – the total value of shares of listed companies – rose by Tk2,627 crore to Tk7.06 lakh crore.

On the DSE, of the traded stocks, 253 advanced, 73 declined and 62 remained unchanged, the data showed. 

EBL Securities in its daily market commentary said, the capital bourse resumed its recovery momentum following the previous session's correction, as investors perceived attractive entry points and accumulated beaten-down stocks in anticipation of favourable market momentum on easing geopolitical concerns after these holidays.

From the outset of the session, market indices remained in a positive territory as broad-based buying activity prevailed across the trading board, it said. 

On the sectoral front, pharmaceutical and chemicals sector stocks accounted for the highest share of turnover by 14.2%, followed by Bank 13.7% and Textile 11.7% sectors.

All the sectors displayed positive returns, out of which Travel by 3.3%, IT by 1.9% and Textile by 1.5% exhibited the most positive returns on the bourse. 

Intech Ltd topped the gainer list by increasing its share price by 6.5% to TK42.6 each, followed by Sea Pearl Beach Resort & Spa by 6.29% to Tk40.5 each, Legacy Footwear by 6.13% to Tk57.1 each, Heidelberg Materials Bangladesh by 5.92% to Tk246.87 each, and Shinepukur Ceramics by 5% to Tk21 each. 

On the losing side, Bangladesh Industrial Finance Company's share price lost the highest by 8.33% to Tk6.6 each, followed by Prime Finance by 6.77% to Tk5.5 each, Union Capital 6.06% to Tk6.2 each, Meghna Condensed Milk Industries by 6.03% to Tk32.7 each, and Phoenix Finance by 5.76% to Tk4.9 each. 

The Port City Bourse, CSE, also settled in a positive territory. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) advanced by 17.3 points and 50.4 points, respectively.