Stocks rebound as bank shares surge

Stocks rebounded on Monday, after facing a sharp decline in the previous day, as investors bought shares at lucrative price levels.
DSEX, the benchmark index of the Dhaka Stock Exchange, rose 34.27 points or 0.65 per cent, closing the day at 5,246, after hitting 22 months low in the previous day.
Brokers said the market started the day on a negative note but later in the day investors started taking position in the undervalued stocks, taking the market in the positive territory.
Positive support of state-run Investment Corporation of Bangladesh (ICB) also played a vital role to rebound the market, said a leading broker.
The two other indices-the DS30 index and the DSE Shariah Index (DSES)-also ended higher.
The DS30 index, comprising blue chips, advanced 7.50 points to finish at 1,860 and the DSE Shariah Index rose 8.68 points to close at 1,219.
"The upward shift in the index is mainly driven by significant positive changes in some of the large-cap sectors like pharma, bank, financial institutions and engineering," commented LankaBangla Securities in its regular market analysis.
Sheltech Brokerage said the market tried to fight back after the massive correction led by banking, pharmaceuticals, miscellaneous and textile sectors.
Pharmaceuticals posted the highest gain of 1.34 per cent, followed by engineering with 0.76 per cent, banking 0.56 per cent and financial institutions 0.22 per cent.
The power sector saw the highest loss of 0.66 per cent, followed by food with 0.20 per cent and telecommunication 0.05 per cent.
Turnover, another important indicator of the market, jumped 19 per cent to Tk 4.43 billion on the DSE.
According to International Leasing Securities, the market rebounded to the green amidst the enthusiastic participation of the investors.
The stockbroker noted that some investors reshuffled their portfolios in cement, power and food sectors in ongoing quarter-end earnings disclosures and year-end dividend declarations.
Of the traded issues, 199 advanced, 110 declined and 30 securities closed unchanged on the premier bourse.
A total number of 119,768 trades were executed in the day's trading session on the DSE with trading volume of 125.98 million securities.
The market capitalisation of the DSE also rose to Tk 3,826 billion on the day which was Tk 3,813 billion in the previous session.
Khulna Power Company continued to dominate the DSE turnover chart with 1.65 million shares worth Tk 204 million changing hands.
The other turnover leaders were Monno Ceramic Industries, Intech, The Peninsula Chittagong and Saiham Textile.
Libra Infusion was the day's best performer, posting a gain of 29.24 per cent while Khulna Printing & Packaging was the worst loser, plunging by 27.80 per cent following its no dividend declaration for the year ended on June 30, 2018.
The port city bourse, the Chittagong Stock Exchange (CSE), also ended marginally higher with its CSE All Share Price Index-CASPI-advancing 17 points to settle at 16,047 and the Selective Categories Index - CSCX -gaining 15 points to finish at 9,729.
The gainers beat losers as 120 issues closed higher, 83 ended lower, with 24 issues remaining unchanged on the CSE.
The port city bourse traded 9.62 million shares and mutual fund units worth Tk 236 million in turnover.

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