Stocks sharply rebounded on Tuesday, snapping a two-day losing streak, as bargain hunters renewed their buying appetite on sector-specific stocks in anticipation of quick-gain.
Buyers dominated the session as optimistic investors opted to take positions in equities based on the quarterly earnings declarations, market operators said.
The market opened higher and the upbeat momentum sustained throughout the session as investors sought quick-gain opportunities in sector-specific issues following the recent price corrections.
DSEX, the benchmark index of the DSE, finally went up nearly 14 points and settled at 6,339, after losing more than 15 points in the past two trading days.
The DS30 Index, which consists of blue-chip companies, gained 3.26 points to 2,160 and the DSES index, which represents Shariah-based companies, advanced 2.96 points to 1,373.
Top five index pullers were Bangladesh Shipping Corporation, Green Delta Insurance, Emerald Oil Industries, Olympic Industries and Heidelberg Cement as they jointly added 7 points to the DSEX, according to amarstock.com, a market data analyst.
Stocks returned to green territory as bargain hunters favored taking positions in lucrative issues taking advantage of the recent corrections, said EBL Securities, in its regular market analysis.
A section of investors, however, are still on the sidelines as they preferred to observe the market momentum amid the ongoing quarterly earnings declarations, said the stockbroker.
The investors' confidence is yet to regain across the trading floor as uncertainties persist due to the prevailing concerns regarding the market outlook amidst fear of a potential resurgence of political movements ahead of the national election, the stockbroker added.
However, the daily turnover dropped 18 per cent to Tk 5.46 billion as investors traded cautiously amid profit-booking tendency on speculative stocks.
Investors were mostly active in the general insurance sector, which grabbed 24 per cent of the day's total turnover, followed by food (14 per cent) and miscellaneous (11 per cent).
Bangladesh Shipping Corporation was the most-traded stock, with shares worth Tk 347 million changing hands, closely followed by Sea Pearl Beach Resorts, Fu-Wang Food, Janata Insurance and JMI Hospital Requisite Manufacturing.
Majority of the traded stocks saw price surge as out of 340 issues traded, 110 closed higher, 60 lower and 170 issues remained unchanged on the DSE trading floor.
Green Delta Insurance was the top gainer, posting a 9.78 per cent rise while C&A Textile was the worst loser, losing 7.82 per cent.
The Chittagong Stock Exchange (CSE) also ended marginally higher with the CSE All Share Price Index - CASPI - gaining 26 points to settle at 18,710 and the Selective Categories Index (CSCX) rising 17 points to 11,185.
The port city's bourse traded 1.64 million shares and mutual fund units with turnover value of Tk 86 million.
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