BBN file photo

Dhaka, Bangladesh (BBN)– Bangladesh’s stocks rebounded strongly on Sunday, the first day of the week, powered by investors’ buying spree on large-cap stocks.

The market registered a sharp gain, snapping a recent bearish spell, driven by rally in telecommunication sector as the sector’s heavyweight Grameenphone’s share rose 7.52 per cent, according to experts.

At the end of the session, DSEX, the prime index of the DSE, went up by 64.98 points or 1.33 per cent to settle at 4,920.

Two other indices also ended higher. The DS30 index, comprising of blue chips, advanced 30.59 points to finish at 1,768 and the DSE Shariah Index rose 26.97 points to close at 1,150.

Turnover, a crucial indicator of the market, fell to BDT 3.04 billion, which was 21 per cent lower than the previous day’s BDT 3.95 billion.

Investors’ confidence is yet to recover due to recent market volatility as participation remained low, they added.

They also said buoyancy on lucrative price levels in most of the sectors, particularly from telecom, pharma, food, power and engineering sectors helped the prime index to close higher.

Telecommunication booked the highest gain of 7.30 per cent, followed by pharmaceuticals with 2.58 per cent, food 1.93 per cent, engineering 0.76 per cent, power 0.52 per cent and financial institutions 0.23 per cent.

Only banking sectors suffered a 0.10 per cent loss.

Gainers took a strong lead over the losers as out of 351 issues traded, 185 closed higher, 106 ended lower and 60 remained unchanged on the DSE trading floor.

A total number of 97,379 trades were executed in the day’s trading session with trading volume of 66.61 million shares and mutual fund units.

The GP topped the turnover chart with shares worth more than Tk 386 million changing hands, followed by Monno Jute Stafflers, JMI Syringes, National Tubes and Fortune Shoes.

JMI Syringes was the day’s best performer, posting a gain of 10.85 per cent following its corporate declaration while Emerald Oil Industries was the day’s worst loser, plunging by 9.52 per cent.

On the other hand, the Chittagong Stock Exchange also ended higher with its All Shares Price Index (CAPSI) soaring 185 points to close at 14,946 and the Selective Categories Index (CSCX) rising 115 points to finish at 9,076.