Dhaka stocks snap losing streak as DSEX tops 100 points on buying spree

  • Staff Correspondent, bdnews24.com
    Published: 2019-10-15 19:32:30 BdST

Stocks have snapped a losing streak as the benchmark DSEX index has gained more than 100 points driven by some heavyweight buying.

On Tuesday, the DSEX recorded an increase of 110 points, or 2.34 percent, to settle at 4,821, breaking the six consecutive sessions of losses.

The index opened higher and maintained its positive movement through the session. Investor interest was witnessed in telecommunication, engineering, power, financial institutions, and food and allied stocks.

The telecommunication sector made the highest gains of 4.79 percent, led by Grameenphone that rallied over 5 percent.

The share prices went into a tailspin as panicky investors started offloading their holdings over the last few weeks. “Investors put funds to buy shares at low prices, which helped the market get back from the brink,” said Shakil Rizvi, president of DSE Brokers Association.

At the Dhaka Stock Exchange, the turnover in value saw a rise of 9.4 percent to Tk 3.28 billion. Out of 332 issues traded, 311 closed higher, 24 declined and 17 remained unchanged.