Stocks bounce back as bargain hunters come to market\\\'s rescue

Stocks posted marginal gain Wednesday with high volatility, snapping five sessions' losing streak as 'bargain hunters' went for late-hour buying spree.
The market began with the sell-off like previous few sessions. However, early selling pressure eased later as optimistic investors started to take position in fundamental stocks, leading the market to close in flat.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 2.10 points or 0.04 per cent to close at 4,347.13 points, after shedding 185 points in the past five straight sessions.
The DS30 index, comprising blue chips, advanced 2.30 points or 0.13 per cent to close at 1,671.47 points. However, the DSE Shariah Index (DSES) ended in the red, losing 1.59 points or 0.14 per cent to close at 1,062.62 points.
The total turnover on DSE stood at Tk 3.71 billion, which was 14 per cent higher over the previous day's value of Tk 3.25 billion.
The investors' attention remained mostly focused on power, pharma and engineering - the sectors that accounted for 23 per cent, 22 per cent and 12 per cent of the day's total turnover.
An analyst said the market absorbed a significant downhill in the last five sessions when bargain hunters stepped in. "The DSEX attracted value investors as stocks were available at discounted price," he said.
"The stock market's current bearish spell took new turn as recent price correction in several issues has created some impetus for undervaluation," said International Leasing Securities, a stock broker, in an analysis.
IDLC Investments, a merchant bank, said, "The day started in continuation of last few sessions' losing streak. Witty investors recognised that many issues are in bargain price and acted upon, causing a halt in the downfall".
"It was an eventful day for the investors. There was a lot of volatility in the capital market," said LankaBangla Securities, a stock broker.
The day started very badly as the DSEX started falling and got below the 4,300 level within the first 90 minutes of the trading session. However, there was strong support at that level and market quickly turned around and closed with a marginal gain, said the stock broker.
The large-cap sectors saw mixed performance. Telecommunication and pharmaceuticals appreciated by 1.03 per cent and 0.27 per cent respectively.
All the other major sectors closed in red. Cement witnessed the highest loss 0.84 per cent. In the financial sectors, both banks and NBFIs went down 0.13 per cent and 0.19 per cent respectively. Power also retraced in the session, losing 0.10 per cent.  Food and allied closed in the red.
Losers outnumbered gainers, as out of 303 issues traded, 148 declined, 120 advanced and 35 issues remained unchanged at the DSE.
Activities increased in the major bourse where trade and volume were up by 5.74 per cent and 8.01 per cent respectively. A total number of 0.105 million trades were executed with trading volume of 74.53 million securities.
The market capitalisation on DSE stood at Tk 3,121.04 billion against Tk 3,116.52 billion in the previous session.
Newly listed United Power dominated the top turnover chart for four running sessions, with shares of Tk 388.98 million changing hands, which was 10.47 per cent of total turnover followed by ACI, Unique Hotel, IFAD Autos and Pharma Aid.
Beach Hatchery was the day's best performer, positing a rise of 9.86 per cent while Imam Button was the day's worst loser, plunging by 7.05 per cent.
The port city bourse Chittagong Stock Exchange (CSE) also returned to the green, with its Selective Categories Index -- CSCX -- gaining 34.13 points to close at 8,127.07 points.
Losers beat gainers 113 to 92, with 25 issues remaining unchanged at the port city bourse that traded 7.74 million shares and mutual fund units. The market turned over at Tk 304.60 million.
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