Stocks rebound from 3-day fall

Major indices of the stock market in Bangladesh saw a big rebound yesterday, snapping a three-day losing streak thanks to the rise in share values of some prominent companies, most of which are financially sound.

The shares of British American Tobacco (BAT) Bangladesh, BRAC Bank, Grameenphone, Square Pharmaceuticals, City Bank, Beximco Pharmaceuticals, LafargeHolcim Bangladesh, Khan Brothers PP Woven Bag Industries, Islami Bank Bangladesh and Beacon Pharmaceuticals drew investors the most.

BAT Bangladesh and BRAC Bank showcased double-digit growth of 11.18 percent and 10.11 percent respectively.

As a result, the DSEX, the broad index of Dhaka Stock Exchange (DSE), edged up by 98.84 points, or 1.86 percent, from the previous day to close at 5,422 points.

The DSES, which is an index that represents Shariah-based companies, soared by 18.12 points, or 1.53 percent, to 1,205 points.

In the blue-chip segment, the DS30 index went up by 45.78 points, or 2.36 percent, to 1,984 points.

At Chittagong Stock Exchange, the CASPI, the key index of the port city bourse, added 173.61 points, or 1.16 percent, to settle at 15,135 points.

Bangladesh Submarine Cables, Southeast Bank, ADN Telecom, Apex Tannery, Bangladesh Steel Re-rolling Mills, Libra Infusions, Takaful Islami Insurance, Reckitt Benckiser Bangladesh, Renwick Jajneswar and Company, and Delta Spinners suffered losses, according to LankaBangla Financial Portal.

Of the issues that changed hands at the country's premier bourse, 327 saw a rise in prices, 37 closed lower and the remaining 32 did not witness any price fluctuations.

The DSE's daily turnover, which measures the total value of shares traded, increased by 5.97 percent to Tk 376 crore.

Block trades, meaning high-volume securities transactions that are privately negotiated and executed outside of the open market, contributed 7.7 percent of the overall market turnover.

Agni Systems emerged as the most traded share with a turnover of Tk 31.6 crore.

All large-cap sectors, meaning those that account for large amounts in market capitalisation, posted a positive performance, according to BRAC EPL Stock Brokerage.

Market capitalisation refers to the value of a company's outstanding shares.

The non-bank financial institutions sector saw the highest gain of 7.12 percent followed by food and allied (3.76 percent), telecommunication (2.49 percent), fuel and power (2.10 percent), banking (1.69 percent), engineering (1.46 percent), and pharmaceuticals (1.19 percent).

As for the overall situation involving individual companies, the Investment Corporation of Bangladesh topped the gainers' list with a rise of 10 percent.

It was followed by BDCOM Online (9.91 percent), Northern Islami Insurance (9.68 percent), Agni Systems (9.57 percent), Crystal Insurance Company (9.53 percent), and Aamra Technologies (9.52 percent).

National Tea Company, Bangladesh Finance and Genex Infosys PLC also featured on the gainers' chart.

New Line Clothings Limited shed the most, losing 9.88 percent of its share value.

Meghna Pet Industries, Apex Tannery, Runner Automobiles, Anlima Yarn Dyeing, Takaful Islami Insurance, Renwick Jajneswar and Co (Bd), First Finance and Libra Infusions suffered losses as well.