Stocks rise on investor interest in oversold blue-chip shares

The Dhaka bourse closed Monday's session with a moderate rise in the broad index, extending the gaining streak for the second consecutive session, mainly backed by investors' appreciation of blue-chip stocks.
The market opened the day's session positively, and in 15 minutes, DSEX, the broad index of the Dhaka Stock Exchange (DSE), lost some points. Then the index continued a steady upward trend until the close.
At the end of the session, the DSEX settled at 5,091 points, with a rise of 1.12 per cent or 56 points.
After experiencing volatility until Thursday, the DSEX on Sunday crossed the 5,000-point mark after two months and settled at 5,035 points, with a sharp rise of 76 points.
The DSEX almost exhibited the same trend on Monday.
Insiders said the market might have started regaining investors' confidence as the uncertainty regarding the national election has almost been removed.
They said many investors started positioning in fundamental stocks due to their attractive price levels.
Of the 394 issues traded on Monday, 268 advanced, 72 declined, and 54 were unchanged, and the premier bourse DSE posted a turnover of Tk 5.93 billion, 25 per cent up from the previous session.
Of the total transaction value, Tk 328 million came from trades executed on the block board of the DSE.
The most positive factor was that blue-chip stocks such as Square Pharmaceuticals and Grameenphone propelled Monday's trading session following increased investor participation.
Square Pharmaceuticals topped the chart of the top 20 turnover leaders with a value of Tk 195 million, followed by Prime Bank, City Bank, and BRAC Bank.
Of 30 blue-chip stocks, 25 advanced, three declined, and the remaining two were unchanged.
Consequently, the DS30 index, comprising blue-chip stocks, advanced 1.33 per cent, or 25.79 points, to close at 1,964 points.
Many junk stocks, including Khan Brothers PP Woven Bag Industries, were on the top of the gainers chart.
Khan Brothers was the number one gainer, with a rise of 9.91 per cent to close at Tk 48.80 each share on the DSE.
On the other hand, Prime Finance & Investment was the worst loser after declining 7.41 per cent to Tk 1 each share.
The Chittagong Stock Exchange (CSE) on Monday also experienced a moderate rise of 0.79 per cent, or 111 points, in the broad index to close at 14,198 points.
Of the 180 issues traded, 118 advanced, 36 declined, and 26 were unchanged, and the port city bourse posted a turnover of Tk 123.39 million on Monday.

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