Stocks bounce back, turnover crosses Tk 400cr

Stocks in Bangladesh snapped a three-day losing streak yesterday while turnover of the Dhaka bourse exceeded Tk 400 crore after 14 trading sessions. 

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), rose 13 points, or 0.22 per cent, to 6,205.

The DS30, the blue-chip index, advanced 0.26 per cent to 2,197 while the DSES, the index that represents Shariah-based companies, increased 0.34 per cent to 1,357.

Turnover, an important indicator of the market, surged 34 per cent from that on the previous day to Tk 462 crore.

Bargain hunters showed interest at making purchases cautiously on sector-specific stocks at lucrative prices as the regulator has been continuously encouraging institutional investors to increase flow of funds to the market, said International Leasing Securities.

The market started off on an upbeat note that prevailed till the end of the session, apart from some selling pressure midway through the day, said the brokerage firm in its daily market review.

Bargain hunters showed interest at making purchases cautiously on sector-specific stocks at lucrative prices as the regulator has been continuously encouraging institutional investors to increase flow of funds

The investors increased their participation in the major sectors such as pharmaceuticals, miscellaneous, paper and IT that helped to achieve the higher turnover, it added.

Among the sectors, miscellaneous rose 1.1 per cent, services 0.9 per cent and pharmaceuticals 0.4 per cent while general insurance underwent the highest correction, falling 0.3 per cent.

Investors' activities were mainly focused on the pharmaceuticals sector, which accounted for 18.1 per cent of the day's total turnover, followed by IT (16.5 per cent) and miscellaneous (12.6 per cent).

Among the companies to undergo trade, 66 advanced, 96 declined and 174 remained unchanged.

JMI Hospital Requisite Manufacturing posted the highest appreciation, rising 9.89 per cent, while Indo-Bangla Pharmaceuticals surged 9.49 per cent.

SK Trims & Industries advanced 9.38 per cent and Navana CNG and Orion Pharma gained more than 5 per cent each.

ADN Telecom suffered the biggest drop, 5.35 per cent, while the Sea Pearl Cox's Bazar Beach Resort & Spa shed 2.3 per cent.

Bangladesh Shipping Corporation was the most-traded stock on the day with shares worth Tk 31 crore changing hands. Orion Pharma, Bashundhara Paper Mills and Genex Infosys also saw significant transactions.

The Caspi, the all-share price index of Chittagong Stock Exchange, added 45 points, or 0.25 per cent, to end the day at 18,347.

Of the securities, 41 advanced, 38 declined, and 66 did not show any price movement.

Turnover climbed more than 70 per cent from that on the previous session to Tk 13.31 crore.