Dhaka, Bangladesh (BBN)-Bangladesh’s stocks rebounded on Monday, after remaining dull in the last few sessions amid increased participation of investors, riding on banking and telecommunication stocks.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), ended at 4,367.89 points, surging 45.63 points or 1.06 percent.
It was the steepest single-day gain in the last ten trading sessions.
The DS30, comprising blue chips gained 16.79 points or 1.05 percent to close at 1,610.67 points while the DSE Shariah Index (DSES) moved up by 9.59 points or 0.97 percent to close at 998.39 points.
Market activities increased a bit, but remained below BDT 3.0 billion level.
DSE turnover stood at BDT 2.93 billion, registering a 31.4 percent increase over the previous session’s 4-week low turnover.
“The market rebounded and ended in positive territory as value investors perceived the market to be in an oversold situation,” said LankaBangla Securities.
“The bearish movements of the last few sessions created some stimulus of undervaluation, which to some extent enticed the investors to take position and created a natural re-bounce,” commented International Leasing Securities.
IDLC Investments said, “Indices lost substantially in last couple of days, a handsome number of issues came at lucrative range. Backed by this, investors re-assessed and took position in selective preferred stocks”.
Out of 296 issues traded, 173 advanced, 87 declined and 36 remained unchanged on the DSE floor.
Such positive movement of the market was led by steep gains of the largest two sectors – telecommunications and banks – which posted 2.80 percent and 2.04 percent gains respectively.
The total market capitalisation on DSE stood at BDT 2,884.79 billion against BDT 2,859.02 billion in the previous session.
GP was the most traded stocks with shares worth BDT 265.32 million changing hands followed by Lafarge Surma Cement, BSCCL, ACI and Beximco Limited.
AIBL First Mutual Fund was the day’s highest gainer, posting a rise of 6.55 percent while ICB Third Mutual Fund was the day’s worst loser, slumping by 8.35 percent.
The port city bourse, Chittagong Stock Exchange (CSE), also closed higher with its Selective Categories Index – CSCX – gained 111.95 points to close at 8,346.52 points.
Gainers beat losers 111 to 60, with 29 issues remaining unchanged at the port city bourse that traded 6.10 million shares and mutual fund units, turnover value of BDT 245.82 million.
BBN/BB/ANS-23June14-4:00pm (BST)
