Dhaka stocks on Monday witnessed gains after falling in nine straight sessions, as opportunistic investors started buying low-priced scrips with hope of making profits after the recent corrections, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, gained 59.66 points, or 1.13 per cent, to close at 5,310.51 points on the day after losing 61.54 points in the previous trading session.
The Dhaka bourse in the previous nine sessions had lost a total of 445.87 points.
The key index on Sunday hit below 5,300 points mark for the first time after 2021.
With the increased activity of investors on Monday鈥檚 session, the total turnover of the Dhaka Stock Exchange was Tk聽506.11 crore on the day.
The total turnover on the previous session was Tk聽322.75 crore, which was the lowest after January 3 when the total turnover stood at Tk聽292.14 crore.
Shyamol Equity Management managing director Md Sajedul Islam told 抖阴精品 that the rebound came as investors were seeking to buy lucrative scrips in low prices after the recent fall.
鈥楾he prime minister had a meeting with businesspeople regarding the current state of the stock market, according to media reports, which instilled hope into the investors鈥� mind about the market,鈥� he said.
Market operators said that forced sale pressure at the brokerage houses was one of the main reasons for the recent fall in share prices, and the news of National Board of Revenue鈥檚 possible move on imposing capital gain tax further contributed to the negative vibe.
Forced selling or forced liquidation usually entails the involuntary sales of聽assets聽or securities to create聽liquidity.
Market operators said that investors also reacted to the rising economic worries in the country, including the continued depletion of foreign exchange reserves.
They said that the confidence of the investors was further negatively impacted after the Bangladesh Bank鈥檚 decision on increasing repo rates, which might lead to interest rate hikes on the money market.
The devaluation of the taka against the US dollar might add to the depressed state of the market, they said.
In the past 14 weeks, the market moved forward in only three weeks.
Of the 394 issues traded on the day, 276 advanced, 84 declined and 34 remained unchanged.
The DSE Shariah index increased by 13.70 points, or 1.19 per cent, to close at 1,160.18 points on Monday.
The DS30 index gained 11.93 points, or 0.63 per cent, to finish at 1,900.65 points.
On the sectoral front, pharmaceutical issues exerted the highest turnover, followed by textile and food sectors.
EBL Securities in its daily commentary said, 鈥楾he upbeat vibe persisted for the majority of Monday鈥檚 session as buyers remained dominant to take position in lucrative issues following the recent corrections, although cautious investors were observant of the sustainability of the market鈥檚 momentum.鈥�
Unilever Consumer Care topped the turnover chart on the day with its shares worth Tk聽33.56 crore changing hands.
Meghna Petroleum, Asiatic Laboratories, Orion Pharma, Alif Industries, Taufika Foods and Lovello Ice-cream, IFIC Bank, Reliance One the first scheme of Reliance Insurance Mutual Fund, Golden Son and Far East Knitting & Dyeing Industries were the other turnover leaders.
