Stocks gain for 2nd day as bargain hunting continues

Dhaka stocks gained for the second consecutive day on Tuesday as a section of investors continued buying shares on the cheap at the bearish market while others maintained cautious stance.
DSEX, the key index of Dhaka Stock Exchange, advanced by 0.34 per cent, or 19.09 points, to close at 5,522.17 points on Tuesday after gaining 11.17 points in the previous session.
The key index surged in early trading but finished the session with a marginal gain as a section of investors continued bargain hunting while others remained cautious at the bearish market, market operators said.
In last three months, DSEX lost almost 430 points and share prices of most of the companies dipped that prompted investors to buy shares on the cheap.
EBL Securities in its daily market commentary said, ‘The market sustained positive trend throughout the session with modest volatility as opportunity hunting investors opted to take fresh position in their portfolios with fundamentally sound undervalued stocks.’
‘Besides, it seemed that prime minister’s statement regarding lowering the interest rate of banks has been absorbed by investors positively. Investors started to inject fresh funds in the capital market in order to gain higher returns,’ it said.
The turnover on the bourse dropped to Tk 412.52 crore on Tuesday from that of Tk 423.97 crore in the previous trading session.
Out of the 345 issues traded on the day, 106 declined, 183 advanced and 60 remained unchanged.
United Power Generation Company led the chart of turnover leaders with its shares worth Tk 38.06 crore changing hands.
Source: http://www.newagebd.net

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