Dhaka stocks advanced on Sunday after a fall in the previous three sessions, as opportunistic investors showed interest in large capitalised scrips after consecutive three days of record fall, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, increased by 97.36 points, or 1.76 per cent, to close at 5,615.84 points on the day after losing 60.48 points in the previous trading session.
The key index on April 25, the previous session, posted its lowest after May 3, 2021, when it was at 5,511.36 points.
It lost a total of 156.38 points in the previous three trading sessions.
Market operators said that Sunday鈥檚 indices started with a jump.
Though the indices showed a little fluctuation throughout the session, the indices finished in the positive trajectory, they said.
The news regarding the reappointment of the current chairman of the Bangladesh Securities and Exchange Commission Shibli Rubayat-Ul Islam prompted investors to be hopeful and get active on the buying side, according to EBL Securities daily market research.
In the past 10 weeks, the Dhaka bourse witnessed decrease in the indices in a total of nine weeks, while gaining only in the one week before Eid-ul-Fitr, one of the biggest religious festivals of the Muslims, which was celebrated in the country on April 11.
Market operators said that rising interest rates in banks might have prompted investors to shift their funds to the sector in the past weeks.
They also said that multiple other factors were working behind the bearish trend of stocks, such as lack of investor confidence amid economic woes in the country and global geopolitical tensions, liquidity crisis in banks and sudden change of policies.
The participation of the investors increased on Sunday, as the turnover on the DSE saw an increase to Tk聽613.95 crore on the day compared with that of Tk聽511.43 crore in the previous trading session.
Of the 396 issues traded on the day, 300 advanced, 52 declined and 44 remained unchanged.
On the sectoral front, pharmaceutical issues exerted the highest turnover, followed by textile and food stocks.
EBL Securities in its daily market commentary said, 鈥楾he market experienced dominance of the buyers since the beginning of the session, where the news of the confirmation of the reappointment of the BSEC chairman worked as a catalyst, and such dominance of the buyers persisted throughout the session, allowing the bull to regain control after three consecutive periods of losses.鈥�
鈥楬owever, the news of the proposal to impose capital gain tax from the next fiscal year may pose concerns about sustaining this positive momentum in the forthcoming sessions,鈥� it added.
The DSE Shariah index increased by 16.88 points, or 1.38 per cent, to close at 1,234.15 points on Sunday.
The DS30 index gained 21.63 points, or 1.09 per cent, to finish at 1,996.13 points.
Malek Spinning Mills topped the turnover chart on the day with its shares worth Tk聽34.98 crore changing hands.
Taufika Foods and Lovello Ice-cream, Asiatic Laboratories, IT Consultants, Orion Infusion, Golden Son, Alif Industries, Kohinoor Chemicals Company (Bangladesh), Beach Hatchery and Central Pharmaceuticals were the other turnover leaders.