Stocks rebound on bargain hunting purchases

Staff Correspondent | Published: 00:00, Dec 06,2017 | Updated: 00:15, Dec 06,2017

 
 

Dhaka stocks rebounded on Tuesday after a drop in the previous two sessions as investors went for bargain hunting share purchasing, especially from those of banks following their price corrections.
The key index of Dhaka Stock Exchange, DSEX, increased 0.38 per cent, or 23.98 points, to close at 6,286.75 points on the day after losing 44 points in the previous two sessions.
The market opened with bullish trend; gaining 30 points within first half-an-hour of the day that pulled back soon as a section of investors maintained profit taking share sales, market operators said.
The market, however, rebounded soon as investors went for fresh share purchasing, especially those from the banks, they said.
The market witnessed a positive session as investors went for bargain hunting share purchasing from banks after the sector faced correction in the previous two sessions, stockbrokers said.
Banks rebounded by 0.7 per cent on the day while share prices of telecommunication continued their surge, gaining 0.4 per cent on Tuesday that caused the market to end with marginal gains, they said.
Among the prominent scrips, surge in share prices of British American Tobacco by 4.98 per cent was the highest contributor on the day followed by Grameenphone and BRAC Bank.
On the other hand, an average share price of non-bank financial Institutions, energy and engineering declined on the day.
Share prices of Investment Corporation of Bangladesh, United Power Generation and Square Pharmaceuticals were the worst losers among the large capitalised companies.
Moreover, some of the investors preferred wait and see policy since the year closing is approaching that resulted in dullness in the trading
Therefore, turnover of the bourse, an important indicator of the market participation, declined little to Tk 648.03 crore compared with Tk 687.11 crore in the previous session.
Of the 332 companies and mutual funds traded, 156 advanced, 126 declined, and 50 remained unchanged.
‘The capital bourse of the country returned to a postive note after experiencing correction in the two consecutive sessions,’ said EBL Securities in its daily market commentary.
Investors exerted buying pressure on stocks especially from Food and Allied, Banks, and Telecommunication, it said.
DS30, the blue-chip index of the DSE, also advanced 0.51 per cent, or 11.76 points, to finish at 2,278.06 points.
Shariah index, DSES, however, added 0.24 per cent, or 3.40 points, to close at 1,390.88 points.
British American Tobacco led the turnover chart on the day with its shares worth Tk 45.01 crore changing hands.
Paramount Textiles, BD Thai, Confidence Cement, BRAC Bank, Grameenphone, Golden Harvest Agro Industries, Olympic Industries, Nurani Dying and City Bank were the other turnover leaders.
Eastern Cables increased the most with a 5.68 per cent rise in its share prices, while Vanguard AML BD Finance Mutual Fund was the worst sufferer on the day, shedding 4.12 per cent. 

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