Stocks rise despite selling pressure
Despite persistent selling pressure throughout the day, stocks experienced a surge on Tuesday, buoyed by institutional investors injecting funds during the final hour and a half of the trading session.
The benchmark index of the Dhaka Stock Exchange (DSE) saw a 5-point decline until 1:30 pm. However, at the end of Tuesday's session, the DSEX gained 13 points to close at 6,272.
Institutional investors infused funds, driving the index to conclude in positive territory during the latter part of the session, according to market insiders.
Of the total scrips traded, 183 advanced, 152 declined and 60 remained unchanged.
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The turnover also jumped by 12% to Tk898 crore, compared to the previous session.
Moreover, the Chittagong Stock Exchange (CSE) also settled on green terrain with the selected index CSCX climbing 0.05% to reach 10,747 points and the all-share price index (CASPI) rising by 0.03% to reach 17,937 points.
According to EBL Securities' daily market commentary, the Dhaka bourse's benchmark index returned to positive territory after a single-day decline.
Buyers reasserted their dominance by actively participating in seeking bargain opportunities for oversold stocks, deemed to be at appealing price levels after recent corrections, it added.
Nevertheless, investors continued to actively participate on both sides of the trading spectrum. Cautious investors maintained a level of wariness regarding the market's momentum due to the existing volatility and a somewhat diminished sense of optimism prevalent across the trading floor, as outlined in the report.
On the sectoral front, pharma issues exerted the highest turnover, followed by the textile and engineering sectors.
Best Holdings was the top traded shares at the DSE, followed by Fu Wang Ceramic and Central Pharmaceuticals Limited.
Most of the sectors displayed mixed returns, out of which, paper, life insurance and services exhibited the most positive returns on the Dhaka bourse while jute, textile and non-financial institutions exerted the most corrections.
Prime Finance First Mutual Fund and NRB Bank were the top gainers at the DSE followed by Rupali Insurance, Aftab Automobiles and BBS Cables. Khulna Printing and Packaging, InTech Limited and Peoples Insurance were the top losers.
