Dhaka stocks rebound as investors chase down selective issues

Dhaka stocks logged significant gains on Wednesday, bringing the core index back to the 6,500 mark again, as opportunist investors opted for chasing down selective issues that were trading at a lucrative price level owing to the recent corrections.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), jumped 50.9 points or 0.78 per cent to settle at 6,501 against 6,450 in the previous trading session.

Besides, the DSES, the Shariah-based index, gained 13.06 points or 0.92 per cent to 1,428, and the DS30, the blue-chip index, added 6.06 points or 0.26 per cent to finish at 2,316.

Turnover, another crucial market indicator, stood at Tk 994 crore which was 1.6 per cent lower than the tally of Tk 1010.1 crore in the previous session.

The market continued the uptrend throughout the session, ahead of upcoming corporate declarations, as buyers dominated on the trading floor and guided their buying spree towards lucrative sector-specific stocks in the anticipation of quick gains, said EBL Securities, a stockbroker, in its daily market review.

However, cautious investors remained watchful since a majority of scrips were still stuck at their floor prices, it commented.

On the sectoral front, pharma and chemical topped the turnover chart with a contribution of 25 per cent to the total turnover, followed by miscellaneous (15.6 per cent) and engineering (14.3 per cent).

Most of the sectors displayed positive returns in the DSE on Wednesday.

Of them, the travel sector posted the highest return of 10.1 per cent, followed by jute (6.6 per cent), and paper (5.5 per cent).

Meanwhile, not a single unit of treasury bonds was traded at any bourse on the second day of the trial trading of government securities on Wednesday.