Bangladesh’s stocks rebound amid low turnover

Dhaka, Bangladesh (BBN) – Bangladesh’s stocks rebounded strongly on Tuesday, breaking the five-day losing spell, as optimistic investors showed their buying appetite on sector-wise large-cap issues.

Analysts said the market returned to higher as investors showed their buying appetite on large-cap sectors, especially banking stocks.

Out of 30 listed banks, 28 banks closed green Tuesday.

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

The meeting also laid emphasis on strengthening the monitoring and supervision to avert any possible debacle.

Following the previous five days’ falling trend, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher in the morning.

Within first 15 minutes of trading, the key index of the country’s prime bourse advanced more than 40 points while the CSE All Share Price Index (CAPSI) of port city’s bourse gained 32 points at 10:45am.

After 30 minutes of trading, the DSEX rose more than 58 points while the CSE All Share Price Index (CAPSI) of port city’s bourse advanced 119 points at 11:00am.

After 90 minutes of trading, DSEX advanced 54.66 points while the CSE All Shares Price Index rose 141 points at 12noon.

The upbeat trend sustained till end of the session, finally DSEX ended more than 79 points higher while CAPSI gained 264 points at closing.

DHAKA STOCK EXCHANGE:

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 79.46 points or 1.35 percent to settle at 5,949 points, after shedding more than 307 points or 5.0 percent in five trading sessions.

The two other indices also closed higher.

The DS30 index, comprising blue chips, gained 24.87 points or 1.13 percent to close at 2216.

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

Trading activities, however, fell to BDT 3.23 billion, which was more than 26 per cent lower than the previous day’s BDT 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 percent while Vanguard AML BD Finance Mutual Fund One was the worst loser, losing 4.21 percent.

CHITTAGONG STOCK EXCHANGE:

Port city bourse CSE also returned to higher with CSE All Share Price Index – CAPSI – advancing 264 points to settle at 18,394 and Selective Categories Index – CSCX – gaining 162 points to finish at 11,115.

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

The port city bourse traded 6.81 million shares and mutual fund units worth nearly BDT 179 million in turnover.

BBN/SS/AD