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Investors buying mood helps stocks rally again

Staff Correspondent
31 May 2023 00:00:00 | Update: 31 May 2023 00:09:48
Investors buying mood helps stocks rally again

Snapping the single correction, Dhaka stocks again started rallying Tuesday, as investors were in an elated mood following the market’s recent steady improvement.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), the country’s premier bourse, added 13.04 points or 0.21 per cent to settle at 6,345 against 6,332 in the previous session.

Among other indices, the DS30, the blue-chip index, rose 4.09 points or 0.18 per cent to 2,202, and the DSES, the Shariah-based index, jumped 5.93 points or 0.43 per cent to close at 1,375.

Turnover, another crucial market indicator fell by 16.9 per cent to Tk 976 crore, against the turnover tally of Tk 1,174 crore in the previous trading session.

The general insurance sector reined in the turnover chart with a contribution of 13.6 per cent of the total turnover of the DSE, followed by life insurance (13.4 per cent) and pharma (12.0 per cent).

The benchmark index of the capital bourse returned to green territory after a single-day break as buyers outnumbered sellers across the trading floor owing to investors’ continued chase for sector-specific scrips with quick gain potential, said EBL Securities, a stockbroker, in its daily market review.

The market managed to remain afloat throughout the session, mainly riding on the dominant buying spree on selective scrips amid cautious investors’ profit-booking from some recently rallied issues ahead of the upcoming fiscal budget declaration, it added.

Most sectors displayed positive returns, with the jute posting the highest return of 3.9 per cent, followed by cement (2.9 per cent), and life insurance (2.2 per cent).

On the other hand, the general insurance faced the highest correction of 2.1 per cent, followed by tannery (0.5 per cent) and financial institution (0.2 per cent).