Stocks hold momentum for second straight day
152 scrips traded above the floor, 248 still at their floor prices on Wednesday
Dhaka stocks advanced for the second consecutive session on Wednesday as investors kept buying many of the stocks that have recently taken off from the floor prices.
DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), closed 0.09% higher at 6,279.
Stockbrokers said ahead of the fiscal year closing, many retail investors started to pour some of their savings into stocks eyeing some tax rebate, and that created a demand for fundamentally sound undervalued stocks that had been stuck in the oversold zones due to adverse market conditions.
However, many of the small-cap scrips were seeing higher demand following some recent rallies in share prices of a number of small-cap weak companies.
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Turnover in the premier bourse, however, declined to Tk721 crore from Tk831 crore in the previous session.
As most of the blue chip and large-cap scrips were in correction on Wednesday, and small and mid-cap stocks were mostly dominating the gainers' table, turnover value declined, explained stockbrokers.
Blue-chip index DS30 fell by 0.09% to 2,198, while Shairah index DSES advanced 0.27% to 1,374 on Wednesday.
94 scrips advanced in the DSE, 56 declined.
In the last three weeks, more than 30 stocks took off from the floor prices and during the closing bell on Wednesday, 152 scrips were trading above the floor, and 248 were still at their floor prices.
On the sectoral front, IT, food and fuel-power contributed the highest 16.4%, 10.3% and 9.5% to the DSE turnover, respectively.
Most of the sectors displayed mixed returns, out of which jute, tannery, and textile led the gainers while service, IT, and travel sectors faced the highest price corrections.
Meanwhile, the indices of the port city bourse Chittagong Stock Exchange were almost flat while turnover there increased by 37% to Tk22.5 crore.
