Stocks rebound after five-day slump

Though the market indices rebounded strongly Tuesday, turnover on the Dhaka Stock Exchange (DSE) came down to more than eight months low.
Turnover, the crucial indicator of the market, fell 26 per cent to Tk 3.23 billion, compared to the previous session's Tk 4.40 billion.
It was the lowest single-day transaction on the DSE since May 30, 2017 when turnover was recorded at Tk 3.17 billion.
Meanwhile, stock indices rebounded strongly, snapping the five-day losing spell, after a high profile meeting held on Monday.
Against the backdrop a free fall of stock indices for the last few days, a high-profile meeting was held on Monday. The meeting laid emphasis on strengthening the monitoring and supervision to avert any possible debacle.
Brokers said the market returned to higher as investors showed their buying appetite on large-cap sectors, especially banking stocks. 28 banks closed green, out of 30 listed banks.
After witnessing 307 points correction in the previous five days, the market opened higher and the upbeat trend sustained till end of the session. Finally DSEX ended more than 79 points higher.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 79.46 points or 1.35 per cent to settle at 5,949, after shedding more than 307 points or 5.0 per cent in the past five trading sessions.
LankaBangla Securities, said, though index showed considerable negative movements in a few instances, it managed to stay above 5,900 levels throughout the day.
According to the EBL Securities, the government's decision to suspend auction of T-bills, bonds for February, 2018 has persuaded investors to take fresh position as the decision may relieve the existing pressure on liquidity.
The stockbroker noted that investors' buying pressure was visible on stocks from bank, financial institutions and fuel & power sectors.
The two other indices also ended higher. The DS30 index, comprising blue chips, gained 24.87 points or 1.13 per cent to close at 2216. The DSE Shariah Index ended 8.36 points higher to settle at 1,385.
"The investors took position on the lucrative price level in different stocks, especially on banking sector stocks that spurred the bourse to nudge higher," commented International Leasing Securities.
CSE also returned to higher with CSE All Share Price Index - CAPSI- advancing 243 points to settle at 18,373 and Selective Categories Index - CSCX - gaining 149 points to finish at 11,102.
Here too, the gainers beat the losers as 154 issues closed higher, 43 ended lower and 23 remained unchanged on the CSE.
The port city bourse traded 6.82 million shares and mutual fund units worth nearly Tk 180 million in turnover.

[email protected]