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Stocks rebound after five-day slump

Published: February 06, 2018 15:44:16 | Updated: February 07, 2018 15:51:17


Stocks jumped back strongly on Tuesday snapping a five-day losing spell as optimistic investors showed their buying appetite on sector-specific large-cap.

Against the backdrop of a freefall of stock indices for the last few days, a high-profile meeting on Monday recommended closer coordination between the securities regulator and the central bank and also the stakeholders’ watchfulness to stabilise the market.

The meeting also put importance on strengthening the monitoring and supervision to avert any possible debacle.

Brokers said the market returned to green zone as investors showed their buying appetite on large-cap sectors, especially the banking stocks. Country's main bourse saw that 28 out of 30 listed banks closed in the green.

After witnessing 307 points' correction during the previous five days, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher earlier in the morning.

The upbeat trend sustained till the end of the session when DSEX finally ended more than 79 points higher.

DSEX, the prime index of the DSE, went up by 79.46 points or 1.35 per cent to settle at 5,949 points, after shedding more than 307 points or 5.0 per cent in five trading sessions.

Two other DSE indices also closed higher. The DS30 index, comprising the blue-chips, gained 24.87 points or 1.13 per cent to close at 2216.

The DSE Shariah Index ended 8.36 points higher to settle at 1,385.

Trading activities, however, fell to Tk 3.23 billion, which was more than 26 per cent lower than the previous day’s Tk 4.40 billion.

The gainers took a strong lead over the losers as out of 337 issues traded, 276 closed higher, 38 lower and 23 remained unchanged on the DSE trading floor.

Lankabangla Finance topped the turnover chart with shares worth Tk 237 million changing hands, followed by Pharma Aids, Brac Bank, Beximco Pharmaceuticals and Square Pharmaceuticals.

Pharma Aids was the day’s highest gainer, posting a gain of 8.74 per cent while Vanguard AML BD Finance Mutual Fund One was the worst loser, losing 4.21 per cent.

The port city bourse was also bullish on the day with CSE All Share Price Index – CASPI - advancing 264 points to settle at 18,394 and Selective Categories Index - CSCX - gaining 162 points to finish at 11,115.

The gainers beat the losers here too as 159 issues closed higher, 42 ended lower and 19 remained unchanged on the CSE.

CSE traded 6.81 million shares and mutual fund units worth nearly Tk 179 million in turnover.

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