Stocks break three-day losing streak

The stock market broke three-day losing streak Tuesday with turnover improved slightly as investors went for buying spree amid optimism.
The market opened with a positive note which sustained throughout the session. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 38.52 points or 0.85 per cent to settle at 4,565.24.
The two other indices also closed higher. The DS30 index, comprising blue chips, gained 17.65 points or 1.00 per cent to close at 1,782.15. The DSE Shariah Index (DSES) rose 9.72 points or 0.87 per cent to end at 1,120.28.
Turnover stood at Tk 4.85 on the prime bourse, which was 14.65 per cent higher than the previous day's Tk 4.23 billion.
"Market bounced back after three days of correction with improved participation backed by rally in multinational and power stocks over the course of the trading session," said LankaBangla Securities, a stockbroker, in an analysis.
After continual sell-off in last few sessions, investors recovered some early losses as investor showed buying appetite on fundamental stocks, said the stockbroker.
"Investors might have reacted positively to the Bangladesh economy outlook of HSBC," said the stockbroker.
The global banking giant HSBC said in a report, as political tensions ease, it is time to focus on Bangladesh's economic fundamentals and Bangladesh is best placed as compared to Vietnam and Sri Lanka.
IDLC Investments, merchant bank, said, "Market bounced back riding on investors' expectation that the worst have passed".
Export data for trouble ridden FY 2014-15 revealed a growth of 3.35 per cent for the year and a sharp YoY rise of 8.2 per cent for the month of June, which created a respectable scenario in investors' mindset, said the merchant bank.
Meanwhile, deposit rate has been reported to be further fallen down to a four-year low of 6.99 per cent for the month of May, indicating the equity investment to be more attractive, it said.
International Leasing Securities, a stockbroker, said, "The finance minister's positive remark regarding the capital market might have encouraged investors to regain confidence".
Buying of shares across most of the sectors has been exhibited during the session, helping the bourse to return in green, said the stockbroker.
Price appreciation in pharma, financial institutions and fuel and power mostly contributed in the surge in indices despite price fall in telecom sector, it said.
All large-cap sectors posted positive return except telecommunication which lost 0.23 per cent. NBFIs posted a significant gain of 3.41 per cent. Pharmaceuticals and food and allied sectors also registered gain of 1.63 per cent and 1.39 per cent respectively.
Fuel and power, cement and banks advanced by 0.96 per cent, 0.47 per cent and 0.14 per cent respectively.
The gainers took a strong lead over the losers as out of 321 issues traded, 205 advanced, 68 declined and 48 remained unchanged on the DSE trading floor.
Activities increased in the major bourse where trade and volume were up 9.37 per cent and 9.36 per cent respectively. A total number of 0.112 million trades were executed with trading volume of 123.78 million securities.
The port city bourse Chittagong Stock Exchange (CSE) also returned to green with its Selective Categories Index - CSCX - gained 59.84 points to close at 8,547.37.
Gainers beat losers 150 to 64, with 34 issues remaining unchanged at the port city bourse that traded 12.32 million shares and mutual fund units, turnover of Tk 396 million.
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