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Stocks rebounded on Monday, snapping a nine-day losing streak, as sale pressure reduced to some extent following the news of the recent meeting with prime minister and business leaders.
The prime minister asked the relevant authorities to form a committee to resolve the stock market’s existing problems when the business leaders held a meeting with the prime minister on Saturday evening.
Following the news, the market opened higher and the upward trend sustained until the closure of the session amid modest volatility in the first hour of trading.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), finally went up by almost 60 points or 1.13 per cent to settle at 5310, after losing almost 446 points in the past nine trading days.
Market analysts said the lucrative price level of fundamentally sound stocks also attracted bargain hunters, taking the market in the green zone.
However, the majority of investors remained cautious amid the prevailing volatility in the market, said a leading broker.
Two other indices also closed higher. The DS30 index, which consists of blue-chip companies, gained 12 points to 1,900 while the DSES index, which represents Shariah-based companies, advanced 13 points to 1,160.
The turnover also jumped 57 per cent to Tk 5.06 billion, from the previous day’s five months lowest value of Tk 3.23 billion.
Most of the traded shares saw price hike as out of 394 issues traded, 276 saw appreciation and 84 witnessed price fall while 34 remained unchanged.
Unilever Consumer Care became the most-traded shares, with shares worth Tk 336 million changing hands, followed by Meghna Petroleum, Asiatic Laboratories, Orion Pharma and Alif Industries.
The Chittagong Stock Exchange (CSE) also rebounded with its All Shares Price Index (CASPI) gaining 80 points to 15,312 and the Selective Categories Index (CSCX) rising 50 points to 9213.