Dhaka stocks jumped for the third consecutive session on Thursday with the single-day surge hitting its highest in nearly four and a half years, as investors were regaining confidence in the market following changes in the country鈥檚 political landscape, market operators said.
The key index of the Dhaka Stock Exchange, DSEX, increased by 306.02 points, or 5.44 per cent, to close at 5,924.81 points on the day after gaining 192.36 points in the previous session.
The single-day surge on Thursday was the highest after March 19, 2020, when the index gained 371.01 points.
The key index added 695.17 points in the past three sessions after Sheikh Hasina resigned as prime minister on Monday and fled the country, ending her 15-year rule amid an unprecedented student-led mass uprising against her authoritarian regime.
The country witnessed violence, with more than 350 deaths till Monday amid the student protests against discrimination.
Md Saifuddin, managing director of IDLC Securities Limited, told 抖阴精品 that the market was on a downward trend for a long time.
鈥楽peculations, a surge of bad stocks, bad policymaking, and many other issues were at play on the market, which resulted in the bearish vibe. Investors are hopeful towards a change to better policies, and are investing in fundamentally good shares with that hope,鈥� he said.
An official of a brokerage house told 抖阴精品 that the main reason for the surge was investors鈥� optimism.
鈥榃hether the current market trend will sustain or not will depend on the commitment of the new administration,鈥� he said.
On Thursday, the key index began the session with a jump and continued the positive momentum until the end of the session.
Stockbrokers mentioned that the country鈥檚 situation was returning to normal and investors were increasing their activity on the buying side after a bearish trend in recent weeks.
The total turnover of the Dhaka bourse witnessed a surge on the day, posting nearly a 6-month high.
The DSE posted Tk聽1,606.47 crore as the total turnover on the day, compared with that of Tk 775.55 crore in the previous session.
The previous highest turnover of the Dhaka bourse was on February 13, 2024, posting Tk聽1,646.41 as the total turnover on the day.
Of the 398 issues traded on Thursday, 364 advanced, 27 declined and seven remained unchanged.
The DSE Shariah index increased by 55.77 points, or 4.57 per cent, to close at 1,274.91 points on the day.
The DS30 index gained 110.56 points, or 5.46 per cent, to finish at 2,132.73 points.
On the sectoral front, pharmaceutical issues exerted the highest turnover, followed by the bank and food shares.
EBL Securities in its daily commentary said, 鈥楾he indices maintained an upward trajectory with increased market participation throughout the session, as most scrips saw significant price appreciation driven by investors perceiving attractive investment opportunities amid the sustained uptrend.鈥�
City Bank topped the turnover chart on the day with its shares worth Tk 63.85 crore changing hands.
British American Tobacco Bangladesh, Techno Drugs, Square Pharmaceuticals, Sea Pearl Beach Resort & Spa, JMI Hospital Requisite Manufacturing, Orion Pharma, Mutual Trust Bank, BRAC Bank and Orion Infusion were the other turnover leaders.