After previous day's turnaround, market remained upbeat Wednesday with turnover crossing Tk 3.0 billion-mark as investors went for buying spree on large cap scrips amid optimism.
The market opened with a positive note and the upward trend continued till the market closure amid modest see-saw. Eventually, DSEX, the prime index of the Dhaka Stock Exchange (DSE) went up by 15.22 points or 0.34 per cent to close at 4,430.98 points.
The other two indices outperformed the market. The DS30, comprising blue chips gained 10.45 points or 0.65 per cent to close at 1,612.77 points. The DSE Shariah Index (DSES) also advanced 7.76 points or 0.78 per cent to close at 993.28 points.
Turnover recovered slightly and crossed Tk 3.0 billion after eight consecutive sluggish sessions. The total turnover at DSE stood at Tk 3.21 billion which was 33.75 per cent higher over the previous day's turnover of Tk 2.40 billion.
"The market relished the positive momentum as the investors expected that the market condition may surge in the upcoming session," commented International Leasing Securities, in its regular market analysis.
The investors showed interest especially in the cement sector. Particularly, Lafarge Surma Cement was their favourite which alone generated 12.9 per cent of total market turnover and yielded 4.53 per cent gain, said the International Leasing.
"Stock market continues to rally and scale up on hopes of a pro-growth budget outcome and stable economic outlook," commented LankaBangla Securities.
Market has found some ground at current level after series of slowed down move in index and one of the benefits of sentiments turning positive is the green shoots seen in financial, cement and manufacturing stocks, said the stock broker
An allocation of Tk 81 billion on Padma Bridge along with other government projects are likely in next budget. Adding to this, there's hope of a pickup in the country's infrastructure story that is leading to the segment witnessing positive interest, said the stock broker.
"The infrastructure push will not only aid the construction segment, but all real-estate companies of the country," the stock broker added.
"Budgetary expectation seems getting stronger day by day which subsequently impulse investors, Wednesday," said IDLC Investments.
After a number of dull sessions, reversion in last day knocked investors' sentiment positively. As a result, the bourse gained for second session," said the merchant bank.
Meanwhile, some fresh funds were injected into the market, especially in some large cap scrips. Hence, turnover increased by 33.75 per cent and crossed Tk 3.0 billion mark level after eight sessions, said the merchant bank.
"Positive news and expectations on infrastructure development activities helped cement and engineering sectors to gain 3.3 per cent and 1.74 per cent, respectively. Alongside, those sectors consolidated 31 per cent of the day's total turnover," said the merchant bank.
"The market trend has made quite attractive for the investors to make some money and to recover their previous losses," said Zenith Investments.
The losers, however, took a modest lead over the gainers as out of 292 issues traded, 127 declined, 119 advanced and 46 closed unchanged on the DSE floor.
All the major sectors saw green except the financial sectors - banks and NBFIs - which retraced 0.60 per cent and 0.41 per cent respectively.
Activities increased in the major bourse (DSE) where volume and trade were up by 17.46 per cent and 19.60 per cent respectively. A total of 0.071 million trades were executed with 66.61 million securities of trading volume.
The total market capitalisation on the DSE stood at Tk 2,885.09 billion against Tk 2,873.02 billion in the previous trading session.
Lafarge Surma Cement was the top turnover leader with shares worth Tk 414.17 million changing hands followed by GP, EHL, BSRM Steels and Meghna Petroleum.
Meghna Cement was the day's highest gainer; posting a rise of 7.56 per cent while Gemini Sea Food was the day's worst losers, slumping by 5.68 per cent.
The port city bourse -- Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index -- CSCX-- gained 14.77 points to close at 8,492.80 points.
