The Financial Express

Stocks rebound strongly riding on banks

| Updated: October 19, 2017 07:58:17

Stocks rebound strongly riding on banks

Stocks rebounded strongly on Wednesday, snapping two-day losing streak with three indices and market of the major bourse hitting a record high.


Brokers said the market returned to higher as investors showed their buying appetite on large-cap sectors, especially bank and telecommunication, taking the market to record high.


After witnessing a mild correction the previous two days, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher.


The positive trend sustained till the end of the session amid modest volatility in the early session and finally it closed more than 35 points higher.


DSEX, the core index of the DSE, which replaced the DGEN in four-and-a-half-year back, settled at nearly 6,184 points, after gaining 35.17 points or 0.57 per cent over the previous session.


It was the highest level of DSEX since its inception on January 27, 2013.


The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 11.42 points or 0.52 per cent to finish at 2,212. The DSE Shariah Index (DSES) rose 6.64 points or 0.48 per cent to close at 1,372.


The market activities also crossed Tk 14 billion-mark after seven-and-a half months, amounting to Tk 14.24 billion, which was 18 per cent higher than the previous day’s Tk 12.03 billion.


Block trade contributed Tk 2.28 billion to the day’s total turnover while SIBL contributed Tk 1.64 billion alone. Stocks like DBH, ACI, Brac Bank, BDCOM Online and Square Pharmaceuticals also dominated the block trade board.


A total number of 0.162 million trades were executed in the day’s trading session with a trading volume of 446.82 million securities.


The total market capitalisation of the DSE also rose to all-time high to Tk 4,124 billion, surpassing the previous record of Tk 4,121 billion on Sunday last.


The losers, however, took a marginal lead over the gainers as out of 331 issues traded, 174 closed lower, 125 higher and 32 remained unchanged on the DSE trading floor.


LankaBangla Finance topped the day’s turnover chart with 10.60 million shares of Tk 689 million changing hands, followed by Al-Arafah Islami Bank, City Bank, First Security Islami Bank and Prime Bank.


Rupali Bank was the day’s best performer, posting a gain of 9.85 per cent while Legacy Footwear was the day’s worst loser, plunging by 7.93 per cent.


The port city bourse Chittagong Stock Exchange (CSE) also returned to higher with its Selective Categories Index - CSCX - gaining 83 points to close at 11,595.


Losers beat gainers as 110 issues closed lower, 136 higher and 19 remained unchanged on the CSE.


The port city bourse saw 27.49 million shares and mutual fund units worth more than Tk 779 million traded.


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