DSEX up 1.1% with spontaneous investor rally
DSE turnover increased by more than 17% to Tk872 crore on Tuesday
As soon as the fear of a deeper market correction eased to some extent, the spontaneous participation of investors began to rise in the bourses of Dhaka and Chattogram.
DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), gained 1.1% to close at 6,742 points on Tuesday.
The index began to recover on Monday from its 19-week low after the announcement of the securities regulator on relaxing requirements for margin loans against category-changing stocks, and the declaration of the Investment Corporation of Bangladesh (ICB) about issuing a Tk1,000 crore Sukuk bond, mainly for capital market investment.
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Unlike on Monday, when the DSEX gained hardly 0.6% with falling turnover, Tuesday's gain was accompanied by increased participation with DSE turnover increasing more than 17% to Tk872 crore.
Investors remained focused on sector-specific issues and pursued opportunities to rebalance portfolios in the recent upward movement of the market, said EBL Securities in its daily market commentary.
On the sectoral front, general insurance, miscellaneous, and banking, contributed most to the daily turnover— around half of the DSE's daily turnover combined.
Most of the sectors were in the green till the end of the day's trading session except miscellaneous and jute, while cement, services, and textiles, led the gaining sectors.
Of the 378 issues traded, 286 advanced, 69 declined, and 23 remained unchanged in the DSE.
As the ' buying appetite of investors was more across the board than preferring selective stocks, DSES, the index of Shariah-compliant stocks, and the DS30 blue-chip index, underperformed on Tuesday with less than 1% in gains.
Meanwhile, each of the indices of the Chittagong Stock Exchange (CSE) gained 1% or more, while turnover at the port city bourse increased to Tk51.6 crore on Tuesday, from Tk43.7 crore on Monday.
CSCX, the broad index of the CSE, closed at 11,800 points.
The stock market has been in a correction phase since mid-October this year, following a sharp and rising rally for the previous 15 months.
