Bangladesh’s stocks rebound riding on bank shares

Dhaka, Bangladesh (BBN) – Bangladesh’s stocks rebounded strongly on Tuesday, after facing sharp correction in the past two sessions, as investors went on buying spree on large-cap stocks.

Analysts said the market returned to higher as investors showed their buying appetite on large-cap sectors, like bank, telecommunication and pharmaceuticals, taking the market to green zone.

Following the sharp correction the previous two days, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened lower amid low trading activities.

Within first 15 minutes of trading, the key index of the country’s prime bourse fell 1.68 points while the CSE All Share Price Index (CAPSI) of port city’s bourse lost 29 points at 10:45am.

After first 30 minutes of trading, the key index of the country’s prime bourse plunged more than 26 points while the CSE All Share Price Index (CAPSI) lost 49 points at 11:00am.

After that the market started to gain as buy pressure surged on sector-wise large-cap stocks.

After 90 minutes of trading, DSEX gained more than 10 points while the CSE All Shares Price Index advanced 31 points at 12noon.

The upturn sustained till the end of the session, finally DSEX closed nearly 71 points higher while CAPSI gained 158 points at closing.

DHAKA STOCK EXCHANGE:

DSEX, the benchmark index of the DSE settled at 6,129, after gaining 70.95 points or 1.17 percent after losing 121 points in the past two straight sessions.

The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 22.21 points or 0.99 percent to finish at 2,247.

The DSE Shariah Index (DSES) rose 13.52 points or 0.98 percent to close at 1,390.

The market activities, however, fell below BDT 4.0 billion level again and amounting to BDT 3.89 billion against BDT 4.06 billion in the previous day.

The gainers took a strong lead over the losers as out of 334 issues traded, 241 closed higher, 50 closed red and 43 issues remained unchanged on the DSE trading floor.

Dragon Sweater topped the day’s turnover chart with 9.98 million shares of BDT 217 million changing hands, followed by Square Pharmaceuticals, City Bank, National Bank and Shahjalal Islami Bank.

Dragon Sweater was the day’s best performer, posting a gain of 9.85 percent while General Insurance was the day’s worst loser, plunging by 2.94 percent.

CHITTAGONG STOCK EXCHANGE:

The port city bourse Chittagong Stock Exchange (CSE) also closed higher with CSE All Share Price Index – CAPSI – advancing 158 points to finish at 18,885.

The Selective Categories Index – CSCX – also gained 95 points to settle at 11,405.

Gainers beat losers as 157 issues closed higher, 55 lower and 17 remained unchanged on the CSE.

The port city bourse traded 8.62 million shares and mutual fund units worth more than BDT 285 million in turnover.

BBN/SS/ANS