Stocks bounce back from sharp selloffs

The benchmark equity index rebounded on Wednesday from heavy selling in the previous two sessions, with major sectors playing the market-supportive role.
Some selective stocks saw increased participation of investors, which drove the key DSEX index of Dhaka Stock Exchange (DSE) higher, according to market operators.
The turnover on the DSE, however, declined marginally as many investors adopted a wait-and-see policy while most securities remained stuck in 'floor prices'.
The market opened the day's session on a positive note and the DSEX closed the day 0.78 per cent or 50.92 points higher at 6500.85.
The Shariah-based DSES index also advanced 0.92 per cent or 13.06 points to close at 1428.08 points and the blue-chip DS30 index went up by 0.26 per cent or 6.06 points to finish at 2316.11 points.
Of 368 issues traded on the DSE, 138 advanced, 32 declined and 198 others remained unchanged.
"Dhaka stocks marked considerable gains, pulling the core index back to the 6,500-mark, as opportunist investors opted for bargain hunting on selective issues that were trading at a lucrative price level owing to recent corrections," said a market review of EBL Securities.
On the day, the DSE posted a turnover of Tk 9.94 billion, which was 1.60 per cent less than the turnover of the previous session.
Of the sectors which saw price appreciations, engineering gained 0.7 per cent, fuel and power 0.5 per cent, general insurance 0.2 per cent, life insurance 0.8 per cent, pharmaceuticals & chemicals 0.7 per cent, textile 0.6 per cent and travel & leisure 10.1 per cent.
Investors' participation was concentrated mostly on pharmaceuticals & chemicals sector, which grabbed 25 per cent of the market turnover, followed by miscellaneous (15.6 per cent), engineering (14.3 per cent), paper & printing (6.5 per cent), textiles (5.4 per cent) and food & allied (4.8 per cent).
Orion Pharma topped the scrip-wise turnover chart with a turnover value of Tk 891 million, followed by Beximco (Tk 839 million), Indo-Bangla Pharmaceuticals (Tk 319 million), JMI Hospital Requisite Manufacturing (Tk 298 million) and Bangladesh Shipping Corporation (Tk 237 million).
Sea Pearl Beach Resort & Spa was the top gainer with a rise of 12.67 per cent or Tk 16.60 to close at Tk 147.60 each.
Bangladesh Industrial Finance Company was the worst loser, shedding 5.36 per cent or Tk 0.6 to close at Tk 10.80 each.
The Chittagong Stock Exchange (CSE) also ended higher, with its benchmark index (CASPI) soaring 0.57 per cent or 110.12 points to close at 19,121.80.
Of 232 issues traded, 99 advanced, 28 declined and 105 others remained unchanged, with the CSE posting a turnover of Tk 127.29 million on Wednesday.

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