Both bourses rebound
Economic Reporter :
After witnessing a downward trend in the last three consecutive days, stocks on Tuesday rebounded in the Dhaka and Chittagong stock exchanges as investors remained active on sector-wise issues despite lower transactions.
Brokers said the market returned to higher as investors showed their buying appetite on large-cap sectors, especially bank and telecommunication, taking the market to green zone. After witnessing sharp correction the previous days, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened lower amid low trading activities.
After first hour of trading, the key index returned higher strongly and the upturn sustained till the end of the session, finally it closed nearly 71 points higher.
The broader DSEX of DSE closed the day with 111.31 points up at 5,077.75. The blue-chip DS30 and the Shariah DSES also followed the same trend with 38.47 points up at 1,814.62 and with 25.57 points up at 1,164.72 respectively.
At the DSE, out of the day's 351 securities, prices of 327 securities closed higher against 15 losing issues while 9 remained unchanged.
The volume of shares fell to 12.77 crore from Monday's 16.60 crore shares and the daily turnover in value at DSE decreased to Taka 317.07 crore from Monday's Taka 464.19 crore.
The top five gainers were Aziz Pipes, Legacy Foot, SEMLFBSLGF, SEMLIBBLSF and OAL. The top five losers were PROGRESLIF, Meghna Pet, Fareast Finance, Beach Hatchery and Zeal Bangla.
Fortune topped the turnover list followed by Sino-Bangla, Square Pharmaceuticals, Doreen Power and UPGDCL.
In the port city, CSE also closed higher with its major CASPI 298.23 points up at 15,513.51. A total of 284 issues were traded at the CSE. Of those, 233 were closed higher and 38 closed lower while 13 remained unchanged.
A total of 58.03 lakh shares and mutual fund issues changed hands for Taka 12.37 crore.
The DSEX, the premier index of the Dhaka Stock Exchange (DSE), plunged by 67.30 points, or 1.33 percent, to close at 4,966.44 on Monday, which is the lowest in 31 months.
A top official of a leading merchant bank said the investors fear the index would sink further, so they are washing off their portfolio.
They are keeping the cash in hand from selling their stocks so that they can buy shares at the lower level. "Such a tendency caused the market to fall," he added.