Retailers trade at Dhaka Stock Exchange office. BBN file photo

Dhaka, Bangladesh (BBN)– Bangladesh’s stocks backed to higher on Monday, after a steep-correction in the previous day, supported by large-cap stocks, especially Grameenphone and Square Pharmaceuticals.

Analysts said the market rebounded on the day of monetary policy announcement as some investors took position on Grameenphone and Square Pharmaceuticals.

GP, the largest market cap listed company gained 0.98 percent to close at BDT 510.30. Square Pharma also advanced 1.75 percent to close at BDT 330.

Following the previous day’s steep fall, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) witnessed downward trend amid low trading activities.

Within first 15 minutes of trading, the key index of the country’s prime bourse fell more than 21 points while the CSE All Share Price Index (CAPSI) of port city’s bourse lost 5.30 points at 10:45am.

After 30 minutes of trading, the key index of the DSE lost more than 5.86 points while the CSE All Share Price Index (CAPSI) fell 16 points at 11:00am.

After that the market started to rebound. After 90 minutes of trading, DSEX went up by 19 points while the CSE All Shares Price Index advanced 12 points at 12:0noon.

The rest of the session went up steadily finally DSEX ended more than 31 points higher while CAPSI gained 76 points at closing.

DSEX, benchmark index of Dhaka Stock Exchange (DSE), settled at 6,176, advancing 31.72 points or 0.51 percent over the previous session.

Two other indices of the premier bourse also ended higher. The DS30 index, comprising blue chips, advanced 12.82 points or 0.56 percent to finish at 2,294 and DSES (Shariah) gained 11.90 points or 0.84 percent to close at 1,425.

Bullish sentiment also reflected on the trading activities as total turnover on the DSE amounting to BDT 4.13 billion, which was 15 percent higher than the previous day’s BDT 3.59 billion.

The gainers took a modest lead over the losers as out of 334 issues traded, 170 closed higher, 114 closed lower and 50 remained unchanged on the DSE trading floor.

Square Pharma continued to top the DSE turnover chart with shares worth BDT 209 million changing hands, closely followed by National Bank, Grameephone, Nahee Aluminum and Paramount Textile.

Port city bourse CSE also returned to higher with its CSE All Share Price Index – CAPSI- advancing 76 points to settle at 19,044 and selective Categories Index – CSCX – gaining 45 points to finish at 11,501.

Here too, the gainers beat the losers as 109 issues closed higher, 85 lower and 29 remained unchanged on the CSE.

The port city bourse traded 7.43 million shares and mutual fund units worth more than BDT 215 million in turnover.