Bangladesh’s stocks bounce back to higher after three days

Dhaka, Bangladesh (BBN) – Bangladesh’s stocks bounced backed on Thursday, snapping a three-day losing streak, as optimistic investors went on buying spree on large-cap stocks.

Analysts said the market rebounded strongly riding on the news that the government might relax the policy to allow its agencies so that they can deposit more funds with the private commercial banks to help mitigate the ongoing liquidity crunch.

Following the previous three days’ fall, the Dhaka Stock Exchange and the Chittagong Stock Exchange opened optimistic.

Within first 15 minutes of trading, the key index of the country’s prime bourse advanced more than 36 points while the CSE All Share Price Index (CASPI) of port city’s bourse gained 48 points at 10:45am.

After 30 minutes of trading, the DSEX gained nearly 30 points while the CSE All Share Price Index (CASPI) of port city’s bourse advanced 46 points at 11:00am.

After 90 minutes of trading, DSEX advanced more than 75 points while the CSE All Shares Price Index gained 166 points at 12noon.

The upward trend continued till end of the session with no sign of reversal.

Finally, DSEX gained more than 108 points while CSE All Share price index rose 273 points at closing.

DHAKA STOCK EXCHANGE:

DSEX, the benchmark index of the DSE, went up by 108.57 points or 1.97 percent to settle at 5,597.

The two other indices of the Dhaka bourse also ended higher. The DS30 index, comprising blue chips, jumped 50.65 points to finish at 2,106 and DSES (Shariah) index rose more than 17 points to settle at 1,314.

Bullish sentiment also reflected on the trading activities as the total turnover on the major bourse amounting to BDT 4.70 billion, which was 70 percent higher than the previous day’s turnover of BDT 2.77 billion.

A total number of 86,123 trades were executed in the day’s trading session with trading volume of 127 million securities.

The market cap of DSE also increased to BDT 3,917 billion which was BDT 3,872 billion in the previous day.

The gainers took a modest lead over the losers as out of 335 issues traded, 261 closed higher, 54 ended lower and 20 issues remained unchanged on the DSE trading floor.

Square Pharmaceuticals topped the day’s turnover chart with shares worth Tk 174 million changing hands, closely followed by Beximco, LankaBangla Finance and UCB.

Beximco was the day’s best performer, posting a gain of 9.95 percent while Queen South Textile was the day’s worst loser, shedding 7.19 percent.

CHITTAGONG STOCK EXCHANGE:

The port city bourse – the Chittagong Stock Exchange – (CSE) also saw upward trend from the very beginning and CSE All Shares Price Index of port city’s bourse – gaining 166 points to stand at 17,107 points, also at 12noon.

The Selective Categories Index of the port city bourse also gained 100 points to reach at 10,337 points till then.

Of the issues traded till then, 109 gained, 18 declined and 17 issues remained unchanged with BDT 53 million in turnover.

At the closing, the port city bourse CSE also rebounded strongly with the CSE All Share Price Index – CASPI – gaining 273 to settle at 17,215 points and Selective Categories Index – CSCX – advancing 167 points to finish at 10,403 points.

Here too, the gainers beat the losers as 168 issues closed higher, 46 ended lower and 16 remained unchanged.

The port city bourse traded 8.07 million shares and mutual fund units worth nearly BDT 658 million in turnover.

BBN/SS/ANS