Stocks extended their recovery on Monday, the day the International Crimes Tribunal delivered a death sentence verdict against former prime minister Sheikh Hasina, as opportunistic investors continued to accumulate beaten-down scrips after days of sharp correction.
DSEX, the broad index of the Dhaka Stock Exchange, increased 0.90% to 4,775 from 4,732 in the previous session. The index maintained a steady uptrend throughout the day, with most stocks recovering part of their recent losses.
Market sentiment was partly influenced by speculation over a potentially favourable development in ongoing court proceedings on the margin-rules writs, said stockbrokers.
Turnover on the premier bourse increased 16.8% to Tk350 crore, which analysts believe was still low for the stock market.
Many investors stayed cautious amid uncertainty over the stock market momentum and the fate of the new margin rules, which recently triggered a fresh round of forced selling, said stockbrokers.
Pharmaceuticals stocks dominated sectoral activity with 14.5% of the day’s total turnover on the DSE, followed by engineering at 12.5% and banking at 9.9%.
Nearly all sectors posted gains, with IT increasing 4.1%, mutual funds increasing 3.7% and life insurance increasing 3.0%. Cement was the lone decliner, decreasing 0.5%.
322 of the DSE scrips advanced, 35 declined and 16 remained unchanged.
