Stocks rebound strongly after two-day slump

Stocks rebounded strongly on Tuesday, after sharp fall in the past two sessions, as bargain hunters showed their appetite on sector-wise issues.

The Dhaka Stock Exchange on Tuesday requested the all stock brokers to ensure legal authorisation regarding placement of any sale order, which also halt the sale pressure, brokers said.

“All stock brokers are requested to ensure due authorisation from their clients, like sale orders, CDBL Pay-In form etc. before placing any sale order into the system,” according to the DSE disclosure.

Market analysts said investors went for bargain hunting share purchasing after share prices dipped a record low in recent bearish market.

Following the previous two days’ 164 points fall, the market started on a flying note and remained vibrant throughout the session amid strong buying pressure from the investors, including institutional investors.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,077, soaring 111.31 points or 2.24 per cent over the previous day.

The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 38.47 points or 2.16 per cent to finish at 1,814 and the DSES (Shariah) index rose 25.56 points or 2.24 per cent to settle at 1,164.

Turnover, another important indicator of the market, however, fell to Tk 3.17 billion, which was 31 per cent lower than the previous day’s turnover of Tk 4.64 billion.

A total number of 105,153 trades were executed in the day’s trading session with trading volume of 127.72 million shares and mutual fund units.

The market-cap of the DSE increased to Tk 3,792 billion on Tuesday, from Tk 3,729 billion in the previous day.

Prices of 93 per cent traded issues rose as out of 351 issues traded, 327 closed higher, 15 ended lower and 09 issues remained unchanged on the DSE trading floor.

Fortune Shoes topped the turnover chart for the fifth straight session with 3.43 million shares worth Tk 133 million changing hands.

The other turnover leaders were Sinobangla Industries, Square Pharmaceuticals, Doreen Power and United Power.

Aziz Pipes was the day’s best performer, posting a gain of 9.96 per cent while Progressive Life Insurance was the day’s worst loser, shedding 9.73 per cent.

The port city bourse Chittagong Stock Exchange also ended higher with the CSE All Share Price Index – CASPI – soaring 298 points to settle at 15,513 while the Selective Categories Index – CSCX –rising 177 points to finish at 9,434.

Here too, the gainers beat the losers as 233 issues ended higher, 38 lower and 13 remained unchanged.

The port city bourse traded 5.80 million shares and mutual fund units worth nearly Tk 124 million in turnover.

[email protected]