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Stocks rebounded on Thursday, as sale pressure was reduced to some extent, with the prime index of the Dhaka Stock Exchange (DSE), going up 23.43 points to settle at 5,252.
Thursday was the last trading day of the week. The week saw three days of down sessions and two up sessions. Finally, DSEX lost 60 points this week.
Within the last 13 sessions, there were only two up sessions. DSEX has lost nearly 7.81 per cent from 13th May.
The blue-chip index DS30, a group of 30 prominent companies, saw more than 4.90 points rise to 1874.84 while the DSES Index, which represents Shariah-based companies, gained 4.74 points to 1,143.69 till the end.
Turnover, a crucial indicator of the market, stood at Tk 3.74 billion at the end of trading which was 22.11 per cent higher than earlier trading days.
The rising interest rates already turned fixed-income instruments more lucrative compared to the equity market, while a further rate hike is likely to worsen the situation.
Besides, the news of a possible capital gain tax to be imposed on gains exceeding Tk 4 million and an increased corporate tax rate hike dampened the market sentiment severely, said market experts.
“The investors are in a very tough situation as they are witnessing continuous erosion of their portfolios,” said a leading broker.
The majority of the stocks saw price erosion, as out of the 389 issues traded, 213 closed higher, 126 ended lower and 50 remained unchanged on the DSE trading floor.
Rupali Life Insurance Company Limited was the most-traded stock with shares worth Tk 125.69 million changing hands, followed by Orion Pharma Ltd, Orion Infusion Ltd., Asiatic Laboratories Limited, and Alif Industries Limited.
The Chittagong Stock Exchange (CSE) ended lower with its All Share Price Index (CASPI) losing 12 points to settle at 15072 and the Selective Categories Index (CSCX) losing 7 points to 9068.
The port city bourse traded 2.42 million shares and mutual fund units with a turnover volume of Tk 45.63 million.