Stocks break five-day losing streak

Stocks in Bangladesh yesterday staged a comeback, breaking a five-day losing streak as investors regained some confidence in the market after learning that the regulator is working to revitalise trading.

As a result, the market was vibrant from the onset, surpassing the 5,700-point mark within 30 minutes of the session.

Brokers said investors were able to trade with peace of mind on hearing that the Bangladesh Securities and Exchange Commission (BSEC) would hold a meeting with stakeholders at 3:00pm the same day to find reasons behind the market's recent decline.

The BSEC had previously asked the Dhaka Stock Exchange (DSE) to investigate whether the fall of market indices resulted from stock manipulation or other malpractices.

The DSEX, the benchmark index of the country's premier bourse, edged up by 21.16 points, or 0.37 percent, to close at 5,675.87 points yesterday after losing almost 210 points over the five days prior.

The DSES, an index that represents shariah-based firms, rose by 4.55 points, or 0.37 percent, to 1,243.09 points while the DS30, which comprises blue-chip stocks, increased by 1.48 points, or 0.07 percent, to 1,983.91 points.

In its daily market update, UCB Stock Brokerage said the market closed in positive territory with an increase in turnover.

Turnover, which indicates the volume of shares traded during a session, stood at Tk 5.75 crore, up by about 20.22 percent from the previous day.

Among the sectors, information technology (IT), jute and engineering closed positive while telecom was the only one to close negative.

The pharmaceuticals sector dominated the turnover chart, contributing 24.07 percent of the total.

Of the stocks traded at the DSE, the values of 224 edged up while 112 declined and 60 did not see any price swing.

Orion Infusion took pole position on the top gainer's chart with a rise of 8.74 percent followed by Jute Spinners and SEML Lecture Equity Management Fund.

The three were followed by Fu Wang Food with 6.67 percent, Mutual Trust Bank with 6.08 percent and Asiatic Laboratories with 6.06 percent.

Meanwhile, DBH First Mutual Fund gained 5.88 percent, NRB Bank 5.49 percent, Power Grid Company of Bangladesh 5.43 percent, SEML IBBL Shariah Fund 5.33 percent, and Fareast Finance and Investment 5.13 percent.

Khan Brothers PP Woven Bag Industries shed the most, losing 6.02 percent of its share value. National Bank, Uttara Finance and Investments, The Dacca Dyeing and Manufacturing Company, Standard Ceramic Industries and Northern Jute Manufacturing Company were also among the worst performers.

Similarly, Renwick Jajneswar and Company (BD), Salvo Chemical Industry, Paramount Insurance Company, Atlas Bangladesh, and JMI Syringes and Medical Devices suffered big losses as well.

The Chittagong Stock Exchange witnessed a similar trend as the Caspi, the main index of the port city bourse, rose by 63.79 points, or 0.39 percent, to close at 16,188.82 points.