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Dhaka, Bangladesh (BBN) - Bangladesh’s stocks broke losing spell and rebounded on Monday after a four-day hiatus as investors showed their buying appetite on some large-cap issues amid optimism.
Brokers said as the finance minister hinted at lowering the interest rates on savings instruments, stock investors became optimistic about the market outlook.
Finance Minister AMA Muhith said on Sunday the interest rate of national savings certificates will be revised by next month as the returns from savings certificates are very high compared to other rates prevailing in the market.
The market started with an upward trend and gained around 27 points within first 30 minutes of trading, but it losses all the early gains in mid-session.
However rest of the session, went up steadily, finally ended more than 21 points higher.
DHAKA STOCK EXCHANGE:
DSEX, the prime index of the Dhaka Stock Exchange (DSE), finished at 5485 points, advancing 21.63 points or 0.40 percent over the previous session.
The two other indices also closed higher. The DS30 index, comprising blue-chips, advanced 11.29 points or 0.56 per cent to settle at 1994 points.
The DSE Shariah Index (DSES) gained 6.05 points or 0.48 percent to close at 1254 points.
Turnover, an important indicator of the market, also rose to BDT 5.60 billion, which was 22 percent higher than the previous day’s six-month lowest turnover of BDT 4.58 billion.
Gainers took a modest lead over the losers, as prices of 169 securities advanced, 112 declined and 40 remained unchanged out of the 321 issues that were traded on the DSE floor.
IFAD Autos dominated the day’s turnover chart with shares of BDT 416 million changing hands, followed by Agni Systems BDT 273 million, United Power BDT 267 million, Doreen Power BDT 230 million and ACI Limited BDT 220 million.
Agni Systems was the day’s top gainer, posting 7.93 percent gain while Rupali Bank was the worst lower, losing 13.28 percent following its price adjustment after record date.
CHITTAGONG STOCK EXCHANGE:
The port city bourse, the Chittagong Stock Exchange (CSE), also returned to higher with its Selective Categories Index – CSCX – advancing 24 points to settle at 10,098.
Gainers beat losers as 124 issues closed higher, 78 closed lower and 26 remained unchanged on the CSE trading floor.
The port city bourse traded 10.17 million shares and mutual fund units worth BDT 343 million in turnover.
BBN/SS/ANS