Stocks rebound amidst liquidity surge

Bangladesh's bourses finished the week on a rebounding mode amidst a surge in the liquidity flow from investors. 

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), gained 32.67 points or 0.51 per cent to reach 6,410 yesterday.

The DSE 30 Index and DSEX Shariah Index closed higher too prior to the weekend beginning with Friday today.

The CASPI, the all-share price index of Chittagong Stock Exchange (CSE), also made gains, according to the CSE weekly market report.

Cautious investors showed interest in making purchases late in the week on finding some stocks at lucrative prices following a massive price erosion due to a crisis of confidence, said International Leasing Securities in its weekly market review.

The stock market regulator, Bangladesh Securities and Exchange Commission, resolved a matter over encashing cheques in the week that revived investors' participation, it said.

The daily average turnover climbed 53 per cent week on week to Tk 1,094 crore from Tk 716 crore on the previous week, according to the DSE data.

Beximco, Orion Pharma and Navana Pharmaceuticals topped the week's turnover chart.

Turnover crossed Tk 1,500 crore yesterday after one month.

"The stock market tried to bounce back on the last three days of the previous week following the last two weeks' massive fall," said International Leasing Securities.

The market started off on a downward movement and lost 71 points on the first two days of the week and bounced back on the following days riding on the large-cap issues amid June-end dividend declarations, it said.

The stock brokerage company said almost all the sectors made gains except for banking stocks. IT, travel and jute witnessed the highest increases.

Investors' activities were mostly concentrated on pharmaceuticals, it said.

Some 121 shares advanced, 46 declined while 222 remained unchanged at the DSE last week from that a week ago.

At the DSE, Navana Pharmaceuticals, which made its market debut on October 18, topped the chart followed by Bashundhara Paper Mills and ADN Telecom.

Navana was also the share that made the most gains at the CSE.

Shares of Navana closed at Tk 109.6 a share yesterday, up from Tk 80 at the closing on October 30, according to the DSE.

Bangladesh Monospool Paper Manufacturing Company, Beacon Pharmaceuticals and Anwar Galvanizing suffered losses the most last week, according to the DSE.

Bangladesh Monospool Paper Manufacturing Company also underwent the highest loss at the CSE last week alongside the Apex Weaving & Finishing Mills.