Stocks rebound after falling to 4-year low
Indices of Dhaka Stock Exchange (DSE) bounced back strongly today on plummeting to a four-year low on the previous day as investors cautiously traded select shares to pocket short-term gains amidst price movements.
A Dhaka-based investor said a section of investors went on to buy select stocks following a sharp decline of 343 points in the last four days as share prices came down to lucrative levels.
The DSEX, the benchmark index of the DSE, went up by 118.80 points, or 2.42 percent, from that on the day prior to close at 5,017.
The DSES index that represents the Shariah-based companies grew by 26.20 points, or 2.41 points, to 1,113.
The DS30 index for the blue-chip firms edged up by 52.38 points, or 2.90 percent, to 1,858.
At Chittagong Stock Exchange (CSE), the CSE All-share Price Index (CASPI), the key index of the port city bourse, plunged by 196.19 points, or 1.42 percent, to settle at 14,017.
Shares of big companies, including banks, drugmakers and mobile operators, showcased a good performance.
Islami Bank Bangladesh alone accounted for a 14.22-point rise of the DSEX. BRAC Bank and British American Tobacco Bangladesh jointly enabled a rise of 16.50 points.
Robi Axiata, Grameenphone, Beximco Pharmaceuticals, Square Pharmaceuticals, Beacon Pharmaceuticals, Pubali Bank and Olympic Industries also performed well, according to the daily market update by Lankabangla Financial Portal.
Of the issues that changed hands on the DSE trading floor, 312 saw a hike in prices, while those of 57 closed lower and the remaining 25 did not witness any price fluctuations.
Turnover, which indicates the total value of shares traded on the day, decreased by 2.98 percent to Tk 347 crore.
The banking sector dominated the turnover chart, accounting for 19.99 percent of the total.
Block trades, which refer to high-volume transactions in securities that are privately negotiated and executed outside the open market, contributed another 4.3 percent.
BRAC Bank emerged as the most traded share, with a turnover of Tk 13.5 crore.
Most of the sectors that account for large amounts in market capitalisation, which refers to the value of a company's outstanding shares, posted a positive performance, according to BRAC EPL Stock Brokerage.
Non-bank financial institutions experienced the highest gain of 4.30 percent, followed by telecommunication (3.64 percent), food and allied (3.23 percent), pharmaceuticals (2.42 percent), engineering (2.31 percent) and banking sector (1.90 percent).
However, fuel and power logged a 0.72 percent loss.
Sector-wise, service and real estate, general insurance, and NBFI were the top three sectors that closed in the positive, as per UCB Stock Brokerage.
Textile and fuel and power closed in the negative.
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