Bangladesh stocks rebound to halt ceaseless fall

Bangladesh stock market showed strong recovery to open the week on Sunday, effectively halting the ceaseless slide that the country’s two bourses saw in the past six consecutive trading sessions.

Dhaka Stock Exchange (DSE) closed last week in red on Thursday in a continuous fall in the share prices, but bounced back on Sunday, taking the DSEX over 4500 points level. The broader index gained 46.93 points to 4502.22 and the blue-chip DS30 and Shariah DSES recovered to 1738.41 and 1103.22 respectively.

“After a week long struggle, index bounced back and managed to reclaim 4500 level Sunday. Pharma stocks lead the rally while bank and engineering stocks were in reassuring position”, said Lanka Bangla Securities.

Most of the issues traded at DSE closed higher as the transaction in value rose by 4.45 percent to Taka 362.04 crore though the volume decreased by 2.65 percent to 8.50 crore shares.

Like some previous sessions, Hakkani Pulp maintained the top position of the day’s gainers’ list followed by ICB, Golden Harvest, National Life and Atlas Bangladesh. Share prices of 159 companies ended higher at the week’s opening session when 108 issues closed lower.

The major lagging issues were Samata Leather, RN Spinning, FBFIF, Safko Spinning and ICB1stNRB. Textile sector took a hit becoming one of the top losing sectors of the day when the other major lagging sectors were mutual fund, textile and tannery.

Bank, pharmaceuticals and NBFI were the major gaining sectors when Beximco Pharmaceuticals topped the turnover list followed by Lafarge Surma, Squire Pharma, OAL, Saif Power and BEXIMCO.

IDLC Investment said while fiscal year’s end approaching, the market saw influx of funds in pursuit of tax rebate in scrips presumed to be safe. The session was largely dominated by the tax incentive seekers and stayed upbeat throughout the session.

Chittagong Stock Exchange (CSE) also rebounded on Sunday, with the CSCX closing 66.07 points higher at 8415.90.

Out of the traded 241 issues, 117 gained against 82 lagging issues.

The trade value was Taka 47.26 crore for 90 lakh shares. (Source: BSS)