Stocks close positive after single-day correction

After a single-day correction, Dhaka stocks closed positive Tuesday as investors chased down sector-specific issues in hope of quick gains.

The majority of the stocks, however, faced corrections with losers outnumbering the gainers in the Dhaka Stock Exchange (DSE). 

The DSEX, the broad index of the premier bourse, advanced 26.5 points or 0.41 per cent to settle at 6,545 points against 6,518 points in the previous trading session.

Among other indices, the DS30, the blue-chip index, rose 16.87 points or 0.73 per cent to close at 2345, and the DSES, the Shariah-based index edged up 8.4 points or 0.59 per cent to 1430.

The Dhaka bourse observed a marginal increase in participation with turnover rising by 0.4 per cent to Tk 1290.2 core versus Tk 1284.7 crore in the previous session.

The market stayed afloat at a steady mode throughout the session while bargain hunters chased down particular stocks in hope of quick gains, said EBL Securities, a stockbroker, in its daily market review.

However, some investors opted for partial liquidation of their holdings ahead of the national holiday for Eid e-Milad-un Nabi, it commented.

On the sectoral front, pharma and chemical topped the turnover chart with a contribution of 22.3 per cent to the total turnover, followed by miscellaneous (16.7 per cent) and engineering (14.3 per cent) sectors.

On the other hand, the jute sector posted the highest gain of 3 per cent, followed by travel (2.9 per cent) and pharma (1.5 per cent) while the services sector suffered the most, accompanied by cement, and ceramic.