Stocks rally for third straight session

Stocks at the Dhaka bourse extended their rally for the third consecutive session this week, rebounding from a sharp decline in the first session.

This week, stocks traded for four sessions until on Wednesday (12 March_. On Sunday, at the start of the week, the market witnessed a downturn, with the DSEX falling by 29 points amid unrest at the regulatory body.

As the situation stabilised, stocks gained upward momentum from Monday through Wednesday. 

Over these three sessions, the DSEX, the broad index of the Dhaka Stock Exchange, recovered 41 points, including a 16-point gain on Wednesday, settling at 5,216 points.

On Wednesday, the other indices, DSES and DS30, also closed in the green, gaining 2.68 points and 4.94 points, respectively.

Meanwhile, most stocks traded on the bourse saw price gains, with 191 scrips advancing, 140 declining, and 67 remaining unchanged.

Meanwhile, market turnover also increased by 9.8% to around a 2-week high of Tk452 crore as against Tk412 crore in the previous session.

EBL Securities, in its daily market commentary, said the benchmark index of the Dhaka bourse extended its gaining streak for three straight sessions owing to investors' continued buying interest in sector-specific scrips with short-term gain potential, following a brief downturn caused by sluggish trading at the start of Ramadan. 

"The indices remained upbeat throughout Wednesday's trading session as buyers maintained their dominance, while the market recovery was also aided by some price appreciation in particular large-cap scrips. 

On the sectoral front, Food and allied stocks exerted the highest 17.5% of the total turnover, followed by Pharma by 13.0% and Textile by 12.5%. 

Golden Harvest Agro Industries topped the gaining list with a 10% surge in its share to Tk14.3 each, followed by S Alam Cold Rolled Steel by 10% to Tk24.20 each, and Hami Industries by 9.95% to Tk110.5 each.

Meanwhile, Midland Bank was the top loser on Wednesday as its shares price declined by 5.78% to Tk16.3 each, followed by Bangladesh Industrial Finance Company with shares prices down by 5.47% to Tk6.9 each, and Sonargaon Textile by 4.45% to Tk45 each.

The port city bourse, Chittagong Stock Exchange (CSE), also witnessed a positive session on Wednesday. 

The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) also rose by 47.1 points and 72.1 points, respectively.