Stocks bounce back after 3-day plunge

Snapping the three days of losing streak, Dhaka stocks bounced back on Tuesday as recent market corrections posed investment opportunities for the bargain hunters.

The bargain hunters were seen chasing down some sector-specific securities which were being trading at a lucrative price level yesterday.

The DSEX, the broad index of the Dhaka bourse, surpassed the 6,200-point mark again, rising by 13.7 points to 6,205 against 6,192 points in the previous trading session.

Among other indices, the DS30, the blue-chip index, rose 5.80 points or 0.26 per cent to close at 2,197, and the DSES, the Shariah-based index, gained 4.69 points or 0.34 per cent to finish the session at 1,357.

Meanwhile, the Dhaka bourse witnessed a substantial increase in participation with the DSE turnover reaching a nearly 1-month high.

The premier bourse’s turnover yesterday stood at Tk 462 crore against Tk 334 crore in the previous session.

The market held its upbeat momentum throughout the session as the buying dominance prevailed across the bourse since investors chased selective issues to secure a quick-gain opportunity amid the prolonged bearish tone in the market, said EBL Securities, a stockbroker, in its daily market review.

The cautious investors, however, were still observing the market momentum in the face of a bleak outlook of the economy and dismal performance forecasts of the majority of listed companies, it added.

The pharma sector topped the turnover chart with a contribution of 22.4 per cent, followed by the IT (16.5 per cent) and the life insurance (8.4 per cent).

Most of the sectors displayed mixed returns at the country’s prime bourse with the services posting the highest gain of (0.9 per cent), followed by miscellaneous (0.7 per cent) and pharma (0.6 per cent).

JMI Hospital Requisite Manufacturing Limited posted the highest return yesterday with a gain of 9.9 per cent, while ADN Telecom Limited was the day’s worst sufferer with a loss of 5.3 per cent.

On the other hand, the jute sector suffered the most with a loss of 0.9 per cent, followed by travel (0.4 per cent) and general insurance (0.3 per cent).

Out of the issues traded, 66 securities advanced, 96 stocks declined, and 229 scrips did not see any price movement on the DSE trading floor.

The port city bourse, CSE, also settled on green terrain with its two major indices – the selected indices (CSCX), and the all-share price index (CASPI) – advancing by 27.3 points and 45.8 points respectively.