Stocks rebound sharply

The stock market rebounded strongly on Thursday after a single-day break, with turnover crossing Tk 17 billion mark, as buoyant investors put fresh funds on major sector stocks amid high optimism.
The benchmark equity index opened higher and the uptrend continued until the end of the session with no sign of reversal.
DSEX, the key index of the Dhaka Stock Exchange (DSE), ultimately gained 74.72 points or 1.18 per cent to settle at 6,355, after losing 35.47 points the previous day.
Two other indices also ended higher with the blue-chip DS30 index soaring 23.66 points to finish at 2,267 and the DSE Shariah Index rising 11 points to close at 1,390.
Turnover, an important indicator of the market, jumped to a fresh seven-month high and totalled Tk 17.77 billion, which was 57 per cent higher than the previous day's tally of Tk 11.34 billion.
It was the biggest single-day transaction since January 11 this year, when the turnover totalled a record of Tk 19.76 billion.
Top five most-traded stocks such as Orion Pharma (Tk 1.08 billion), Fortune Shoes (Tk 1.07 billion), Beximco (Tk 978 million), IPDC Finance (Tk 640 million) and Delta Life Insurance (Tk 598 million) jointly accounted for one-fourth turnover of the DSE.
Market operators said stocks rebounded strongly with increased turnover as the optimistic investors put fresh bets on major sector stocks amid growing confidence in the market.
The investors' optimism rebounded, riding on the expectation of foreign exchange market stability as well as the latest positive updates regarding importing grains and oil from Russia, said EBL Securities.
"The market witnessed a substantial bull run as investors injected fresh funds right from the start of the session, indicating growing confidence in the market along with recent efforts by the regulators and authorities to stabilise the economy," said the stockbroker.
All the large-cap sectors posted gains. The non-bank financial institutions booked the highest gain of 4.59 per cent, followed by power with 1.23 per cent, pharma 0.75 per cent, food 0.50 per cent, engineering 0.48 per cent, banking 0.40 per cent and telecom 0.10 per cent.
The textile sector dominated the turnover list, capturing 12.60 per cent of the day's total turnover, followed by pharmaceuticals (12.30 per cent) and financial institutions (10.60 per cent).
Gainers took a strong lead over the losers, as out of 379 issues traded, 234 closed higher, 54 lower and 91 others remained unchanged on the DSE trading floor.
A total of 267,596 trades were executed in the day's trading session with a trading volume of 414 million shares and mutual fund units.
The market capitalisation of the DSE also rose to Tk 5,132 billion on Thursday, up from the previous day's mark of Tk 5,092 billion.
Orion Pharma became the most-traded stock for the second straight session with shares worth Tk 1.08 billion changing hands, followed by Fortune Shoes, Beximco, IPDC Finance and Delta Life Insurance.
National Housing Finance & Investment was the day's top gainer, gaining 10 per cent while Sonargaon Textiles was the day's worst loser, shedding 3.63 per cent.
The Chittagong Stock Exchange (CSE) also rebounded strongly with the CSE All Share Price Index (CASPI) rising 139 points to settle at 18,643 and its Selective Categories Index (CSCX) gaining 84 points to close at 11,172.
Of the issues traded, 166 advanced, 70 declined and 76 issues remained unchanged.
The port-city bourse traded 12.99 million shares and mutual fund units with turnover value of Tk 362 million.

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