Stocks recover, nearing last week's levels

Infographic: TBS

Stocks gained momentum on Monday, marking their third consecutive day of growth.

DSEX, the major index of the Dhaka Stock Exchange (DSE), nearly made up for the losses of the previous week, finishing 0.42% higher at 6,292. This was only six points lower than the opening level of the past week.

Stockbrokers thanked the buying appetite of investors that pulled the market up on Monday.

According to the daily market commentary of EBL Securities, investors continued to seize quick gain opportunities in sector-specific issues which helped the key index to almost recover last week's losses.

"Buyer dominance prevailed throughout the session as optimistic investors bagged the oversold stocks that propelled the market to slightly recover from its gloomy phase," the commentary added.  

Investor participation increased with total turnover rising by 43.9% to Tk496 crore.

However, confidence was yet to recover across the trading floor as cautious investors were still apprehensive regarding the market outlook owing to the prevailing macroeconomic and political concerns, observed the analysts at the brokerage firm.

In terms of sectors, the maximum contributions to the daily turnover came from food, general insurance, and life insurance, accounting for 18.6%, 11.2%, and 9.5% of the total turnover respectively.

Leading the gainers' list were Rupali Bank, Miracle Industries, Crystal Insurance, Imam Button, CAPM IBBL Mutual Fund, Midland Bank, FuWang Food, Sonali Paper, Northern Insurance, and Continental Insurance.

Nearly all sectors showed positive returns, with the paper and printing sector leading with 4.9% gain. General insurance and life insurance followed suit with respective increases of 2.9% and 1.4% in their market capitalisation.

142 scrips advanced, 27 declined in the DSE.

Turnover in the Chittagong Stock Exchange more than doubled to Tk13.5 crore and all the indices in the port-city bourse closed higher on Monday.