Stocks rebound after roller-coaster ride

Bulls of the Dhaka Stock Exchange managed to chase away the bears on Thursday, with the indices closing with gains despite midday tremors.

The market swung between red and green severely before ending higher led by led by mainly financials and telecom. The benchmark index’s intraday movement was over 100 points.

The benchmark DSEX index gained 55 points or 0.79 per cent to settle at 7,076, breaking its seventh consecutive session fall and scaling back from the seven-week low of 7,020. The index hit the intraday low at 6,986 and high at 7,096.

Two other indices—the Shariah-based DSES index added 13 points or 0.79 per cent to 1,518 while the blue-chip comprising DS30 index rose 43 points or 1.62 per cent to 2,699.

Some investors remained worried about the market’s direction, leading to the volatile trade and decline in trade volume as well, according to traders.

The market that suffered for a week due to fanning rumour, rising communal tension and dejected economic sentiment was back on the rails driven by

Volumes continued to decline as the turnover went below Tk 1,400 crore after four months. It stood at Tk 1,310 crore, sharply over 22 per cent down over the previous session.

The rally in large cap stocks such as Beximco, Grameenphone, Beximco Pharmaceuticals, ICB, Square Pharmaceuticals, NRBC Bank, Lafarge Holcim Bangladesh and Walton Hi-Tech Industries pulled the market up, according to amarstock.com

Beximco came to the spotlight hitting the almost upper limit circuit breaker at 10 per cent ahead of its board meeting. It was the most traded stock with shares worth over Tk 2,855 crore, accounting for more than 20 per cent over the previous session.

NRBC Bank was the day’s top gainer hitting the upper limit circuit breakers ahead of its corporate declaration.