Stocks rebound on investors’ quick gaining hope

Breaking the single-day correction, Dhaka stocks rebounded on Tuesday as opportunist investors chased down major issues trading at lucrative prices for quick gains.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), advanced 14.51 points or 0.23 per cent to settle at 6,212 against 6,198 points in the previous trading session.

Among other indices, the DS30, the blue-chip index, rose 9.08 points or 0.41 per cent to close at 2,200, and the DSES, the Shariah-based index, gained 4.83 points or 0.35 per cent to finish at 1,359.

Meanwhile, the Dhaka bourse witnessed a significant decrease in participation with turnover, another crucial market indicator, declining by 19.8 per cent to Tk 334 crore against Tk 417 crore in the previous session.

The market started the session in a bearish mode as the majority of the scrips extended their corrections from the previous session. The bargain hunters later took control of the trading floor in the middle of the session, helping the core index to stay afloat, said EBL Securities, a stockbroker, in its daily market review.

Other investors, however, preferred to be watchful since most of the scrips being stuck at their floor prices, limiting the liquidation opportunities for investors, it added.

The pharma & chemicals sector topped the turnover chart with a contribution of 20.9 per cent to the total turnover, followed by the IT (15.8 per cent) and the miscellaneous (12.2 per cent) sector.

Most of the sectors displayed positive returns at the premier bourse yesterday.

Of them, the travel sector posted the highest gain of 3.2 per cent, followed by the jute (2.1 per cent) and the services (2.1 per cent).

On the other hand, the paper sector faced the highest correction of 1.9 per cent at the Dhaka bourse.

Out of the 390 issues traded, 63 stocks advanced, 14 issues declined, and 313 scrips did not see any price movement on the DSE trading floor.

The port city bourse, Chittagong Stock Exchange (CSE), however, closed lower yesterday with its two major indices – the selected indices (CSCX), and the all share price index (CASPI), declining by 6.7 points and 10.5 points respectively.