Stocks rebound, ending two-day losing streak

Stocks on Thursday bounced back on falling for two consecutive days as optimistic investors showed their appetite on large-cap issues amid high expectations.

The market opened on an upbeat note and the upward trend continued until the end of the session amid modest volatility in the mid-session.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 32.02 points or 0.64 per cent to settle at 4,995.

Market operators said the investors went on buying binge on major sectors stocks riding on the regulatory moves and interest rate cut on stock investment fund.

Upward movement of index was mainly driven by the opportunist investors’ buying spree riding on the news that the Bangladesh Bank reduced the interest rate on borrowing from its special investment fund, said a leading broker.

Top positive index contributors were United Power, Grameenphone, MJL Bangladesh, Beximco and Marico Bangladesh, according to data from amarstock.com, a stock market data analyst.

Two other indices also ended higher. The DS30 index, comprising blue chips, gained 14.71 points to finish at 1,710 and the DSE Shariah Index rose 6.23 points to close at 1,126.

Turnover, a crucial indicator of the market, however, dropped to Tk 8.73 billion, which was 4.48 per cent lower than the previous session’s turnover of Tk 9.14 billion.

Gainers outnumbered the losers as out of 355 issues traded, 194 closed higher, 106 lower while 55 issues remained unchanged on the DSE trading floor.

A total number of 170,075 trades were executed in the day’s trading session with a trading volume of 376.62 million shares and mutual fund units.

The market-cap on the premier bourse crossed Tk 4,000 billion-mark after more than one year to Tk 4,033 billion on Thursday riding on newly listed Walton Hi-Tech Industries which emerged as second largest market-cap listed company.

Beximco Pharma topped the turnover list with shares worth Tk 452 million changing hands, closely followed by Beximco, Paramount Textile, Brac Bank and Continental Insurance.

SEML Lecture Equity Management Fund was the day’s best performer, posting a gain of 10 per cent while Janata Insurance was the worst loser, losing 5.41 per cent.

The Chittagong Stock Exchange (CSE) also ended higher with its All Shares Price Index (CASPI)—gaining 120 points to close at 14,287 while the Selective Categories Index – CSCX soaring 68 points to close at 8,575.

Of the issues traded, 166 advanced, 64 declined and 40 remained unchanged on the CSE.

The port city bourse traded 19.56 million shares and mutual fund units with turnover value of nearly Tk 421 million

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