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Stocks rebounded on Wednesday, snapping a five-day losing streak, as sale pressure from large-cap shares halted after floor price removal.
BAT Bangladesh, the second largest market-cap share, jumped 6.60 per cent to Tk 469.9 on Wednesday, after losing more than 15 per cent in the past two trading days after lifting the floor price.
Grameenphone (GP), the largest stock at the Dhaka bourse, also gained 1.62 per cent to Tk 256.7 after losing in the past three days after floor removal.
As the largest and second largest market-cap companies saw price appreciation, the overall market index ended higher as they had a significant impact on the index, market analysts said.
Following the previous five days’ downturn, the market opened higher, and the upward trend sustained until the closure of the session.
DSEX, the prime index of the Dhaka Stock Exchange, went up by 35 points, or 0.57 per cent to settle at 6166, after losing 142 points in the past five days.
Market analysts said the lucrative price level of fundamentally sound stocks attracted bargain hunters, taking the market into the green zone.
Two other indices also closed higher. The DS30 index, which consists of blue-chip companies, gained 8.63 points to 2,106, while the DSES index, which represents Shariah-based companies, advanced 2.65 points to 1,343.
The turnover, however, dropped 14 per cent to Tk 7.30 billion, down from the previous day’s value of Tk 8.44 billion.
Most of the traded shares saw a price hike, as out of 396 issues traded, 176 saw appreciation, 155 witnessed a price fall, while 65 remained unchanged.
Fu-Wang Ceramic became the most-traded share, with shares worth Tk 438 million changing hands, followed by Fortune Shoes, Aftab Automobiles, Central Pharma, and Beacon Pharma.
The Chittagong Stock Exchange also rebounded, with its All Shares Price Index (CASPI) gaining 50 points to 17,645 and the Selective Categories Index (CSCX) rising 30 points to 10,589.
Of the issues traded, 110 advanced, 107 declined, and 30 others remained unchanged on the CSE.
The port city bourse traded 4.61 million shares and mutual fund units with a turnover value of Tk 227 million.