Stocks return to green after two sessions\\\' correction

Stocks returned to green Tuesday after witnessing marginal correction in the last two consecutive sessions as investors went for buying spree on large-cap stocks amid optimism.
The market opened with an upward trend and the positive momentum sustained throughout the session. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 21.89 points or 0.45 per cent to settle at 8,797.17.
The two other indices also closed in the positive territory. The DS30 index, comprising blue chips, advanced 9.89 points or 0.52 per cent to finish at 1,879.15. The DSE Shariah Index (DSES) rose 6.37 points or 0.54 per cent to close at 1,189.05.
Turnover stood at Tk 7.20 billion on the main bourse, which was 11 per cent higher than the previous session's Tk 6.48 billion.
The investors focus was concentrated on pharma, power and engineering - the sectors that accounted for 16.4 per cent, 16.3 per cent and 15.3 per cent of the day's total turnover.
International Leasing Securities, a stockbroker, said, "The capital market turned positively as investors preferred to take position on issues from fundamentally sound corporations amid expectation of good half yearly corporate declaration".
Throughout the session, notable buying of shares prevailed and buyer outperformed seller, said the stockbroker.
"As some companies managed to show growth in recent quarter amid tough business condition during the beginning of this year, market is restoring confidence among the investors," said LankaBangla Securities, a stockbroker, in an analysis.
Financial sector showed strength as it unfolded quarterly declarations, said the stockbroker.
Sheltech Brokerage said, the mutual funds showed the highest turnover increase of 106.9 per cent while general insurance showed the highest turnover loss of 39 per cent. Fuel and power had the highest contribution of 16.9 per cent in turnover.
The Sheltech Brokerage noted that the market is now trading above the 200 days weighted moving averages of 4,583.61, which is a significant indication of an upcoming bull run. The day's market relative strength index was 72.86.
Among the large-cap sectors, pharmaceuticals posted the highest gain of 0.83 per cent followed by telecommunication 0.63 per cent and NBFIs 0.56 per cent.
Cement closed 0.54 per cent higher. Banks registered a marginal gain of 0.10 per cent. Both power and food and allied sectors closed 0.08 per cent and 0.09 per cent respectively.
The gainers took a modest lead over the losers as out of 318 issues traded, 186 closed higher, 103 lower and 29 remained unchanged on the DSE trading floor.
Activities increased in the major bourse where trade and volume were down 5.75 per cent and 26.39 per cent respectively. A total number of 0.147 million trades were executed with trading volume of 188.92 million.
The market capitalisation on DSE stood at Tk 3,379.06 billion against Tk 3,368.17 billion in the previous trading session.
Square Pharma was the day's top turnover leader with shares of Tk 359 million changing hands followed by Lafarge Surma Cement, United Power, Beximco and KPCL.
Standard Ceramics was the day's best performer, posting a rise of 10 per cent while Savar Refractories was the day's worst loser, plunging by 6.73 per cent.
The port city bourse Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index - CSCX - rose 55.68 points to close at 8,967.17.
Gainers beat losers 152 to 84, with 24 issues remained on the port city bourse that traded 15.73 million shares and mutual fund units with a value of Tk 549 million.
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