Commerce Reporter :
DHAKA, Oct 7: Stocks rebounded today after four consecutive sessions of decline as bargain hunters stepped in to buy recently corrected shares, although overall investor sentiment remained subdued amid continued caution in the market.
The benchmark DSEX, broad index of the Dhaka Stock Exchange (DSE), gained 39.0 points, or 0.72 percent, to settle at 5,464 points, compared with 5,425 points in the previous trading session.
The market remained volatile throughout the session. It initially advanced as investors selectively purchased beaten-down stocks, but the upward momentum weakened amid renewed selling pressure during the middle of the session.
However, late-session buying interest helped the indices retain their gains and close in positive territory.
Market turnover also increased, indicating somewhat higher participation. Turnover rose 7.2 percent to TK 6.0 billion, from TK 5.6 billion in the previous session.
The Textile sector dominated trading activity, accounting for 32.0 percent of the day’s total turnover. It was followed by Pharmaceuticals and Chemicals at 9.8 percent and General Insurance at 9.5 percent.
Sectoral performance remained mixed. Jute stocks posted the highest gain of 5.0 percent, followed by Paper and Printing at 2.8 percent and Engineering at 2.2 percent.
On the other hand, Mutual Funds suffered the steepest correction, declining 1.5 percent, while Financial Institutions fell 0.9 percent and Services and Real Estate declined 0.4 percent.
Of the 395 issues traded, 188 advanced, 128 declined and 79 remained unchanged, indicating a moderately positive breadth despite the prevailing cautious sentiment.
The Chittagong Stock Exchange (CSE) also closed higher. Its selected index CSCX gained 70.3 points, while the All Share Price Index (CASPI) rose 98.1 points.
Market analysts said the day’s recovery was largely driven by bargain hunting rather than a broad-based improvement in investor confidence, suggesting that the market may remain volatile in the near term.
