Dhaka stocks rebound in volatile trading

Staff Correspondent | Published: 02:36, Dec 13,2016

 
 

Dhaka stocks returned to the positive zone in volatile trading on Monday as investors were sceptical about the market direction in early trading but regained some confidence in late hours.
The key index of Dhaka Stock Exchange, DSEX, finished at 4,869.59 points, adding 0.17 per cent or 8.47 points, after shedding 31.69 points in the previous trading session.
The market started the day with a positive vibe with the DSEX increasing by seven points in just five minutes of trading but the benchmark index lost 31 points in the next 15 minutes to decline to 4,838 points.
Investors’ scepticism about the market direction was the main reason for the volatility in the first half an hour of trading, stockbrokers said.
The bourse afterward recovered the losses due to some bargain hunting following a significant fall in share prices in the previous trading session, they said.
Stockbrokers said another section of investors might have opted to go slow in taking investments decision, resulting in a decline in turnover.
Turnover at the DSE dropped to Tk 741.23 crore compared with that of Tk 823.63 crore in the previous trading session.
The market was upbeat in the November 14-December 8 period with the key index of the bourse increasing by 248 points mainly due to injection of fresh fund by high net worth individuals, who were earlier inactive on the trading floor due to a prolonged sluggishness at the market, absence of political uncertainty and downward rate of interest on bank deposit products.
Of the 325 companies and mutual funds traded on Monday, 131 advanced, 141 declined and 53 remained unchanged.
DS30, the blue-chip index of the bourse, closed at 1,785.61 points, adding just 0.08 per cent or 1.43 points.
The Shariah index, DSES, increased by 0.22 per cent, or 2.56 points, to close at 1,157.14 points on Monday.
Bangladesh Building Systems led the turnover chart with its shares worth Tk 47.07 crore changing hands.
MJL Bangladesh, Ratanpur Steel Re-Rolling Mills, IDLC Finance, IFAD Autos, Golden Harvest Agro Industries, National Tea Company, AFC Agro Biotech, CMC Kamal and Appollo Ispat Complex were the other turnover leaders.
Golden Harvest Agro Industries gained the most with a 9.97-per cent rise in its share price, while Zeal Bangla Sugar Mills was the worst loser, shedding 9.89 per cent.

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