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Late buying spree reverses bearish trend on DSE

FE Report | September 16, 2021 00:00:00


Broad index of Dhaka bourse on Wednesday rebounded amid mixed performance of major sectors.

On the day, investors' participation remained almost unchanged and the broad index witnessed see-saw movement before mid-session.

After experiencing a significant correction in previous session, Dhaka Stock Exchange (DSE) opened the day's session positively but soon later the DSE broad index DSEX displayed a sharp down trend.

After the midsession, the market observed investors' increased participation and the DSEX saw a moderate rise.

Finally, the benchmark barometer settled at 7196.55 with a rise of 0.78 per cent or 56.04 points.

The shariah based index DSES advanced 0.80 per cent or 12.56 points to close at 1568.78.

DS30 index comprising blue chip securities closed at 2649.36 with a rise of 1.44 per cent or 37.67 points.

According to a market review of International Leasing Securities, the market oscillated between red and green in the first two hours of the session.

"The buying spree from optimistic investors snapped the early bearish trend and helped the upsurge in indices," said the International Leasing Securities.

It also said investors preferred to take long position as lucrative buying opportunity created in several fundamentally strong issues.

"Indices rebounded shrugging off selling pressure seen in the previous session as investors indulged in bargain hunting given the positive nod from the regulator regarding the stabilisation fund," said a market review of EBL Securities.

Of 373 issues traded, 237 advanced, 105 declined and 31 were unchanged.

And the DSE featured a turnover of Tk 21.04 billion which was Tk 20.97 billion in previous session.

Of total turnover, Tk 620 million came from transactions executed in block board.

Of major sectors which witnessed price appreciation, financial institutions advanced 2.6 per cent, fuel & power 0.1 per cent, life insurance 0.7 per cent, pharmaceuticals & chemicals 0.6 per cent, and textile 0.4 per cent.

Of the sectors which saw price correction, banking issues declined 0.1 per cent, engineering 2.4 per cent, general insurance 1.3 per cent, and telecommunication 0.1 per cent.

Investors' participation concentrated mostly on financial institutions sector which grabbed 18.9 per cent of market turnover followed by pharmaceuticals & chemicals 10.9 per cent, engineering 9.5 per cent, and miscellaneous 7.4 per cent.

Beximco topped the scrip wise turnover chart with a value of Tk 1.16 billion followed by LankaBangla Finance Tk 911 per cent, Beximco Pharmaceuticals Tk 855 million, IPDC Tk 580 million and Islamic Finance & Investment Tk 519 million.

On Chittagong Stock Exchange (CSE), the benchmark index CASPI advanced 0.69 per cent or 143.95 points to close at 21001.62.

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