FE Report
Stocks rebounded on Thursday after previous day's mild correction as investors went on late-hour buying binge on lucrative stocks amid optimism.
Market insiders said investors might have been optimistic about the post-Eid sessions as only three trading sessions are left ahead of festival vacation, while expectations of the third quarter earnings declarations encouraged them to take fresh position.
The market opened with a mixed trend in the morning, but late-hour buying speed helped the market close higher.
The prime index of the Dhaka Stock Exchange-DSEX- crossed the 4,800-mark again to settle the week at 4,819.45, gaining 22.63 points or 0.47 per cent.
The two other indices also closed higher. The DS30 index, comprising blue chips, gained 11.88 points or 0.65 per cent to finish at 1,848.12. The DSE Shariah Index (DSES) rose 6.74 points or 0.57 per cent to end at 1,186.67.
Activities increased on the major bourse, where turnover and trade went up by 20.37 per cent and 8.24 per cent respectively, but volume was down 4.01 per cent.
A total of 0.109 million trades were executed in the day's trading session generating a turnover of Tk 5.14 billion, with 120.86 million securities trading.
The market capitalisation of the DSE stood at Tk 3,363.45 billion against Tk 3,352.17 billion in the previous session.
The participants remained mostly focused on pharma, engineering and power - the sectors that accounted for 21 per cent, 18 per cent and 12 per cent respectively of the day's total turnover.
LankaBangla Securities, a stockbroker, said, "Market came back with upward movement allowing normalisation of pre-festival sell-off in the capital market".
The stockbroker noted that few banking stocks enticed the investors' buying appetite in recent time, which triggered 'ripple effect' across the financial sectors.
However, concern revolved round the textile sector as the Bangladesh Bank on Wednesday said apparel exporters enjoying all three types of incentives at an aggregate rate of 11 per cent will get 10 per cent on their export earnings for FY'16, said the stockbroker.
From July 1 of the FY'16, the government reduced cash subsidy on all types of export-oriented RMG industries to 4.0 per cent from 5.0 per cent and incentives for medium and small RMG units have also been reduced to 4.0 per cent from 5.0 per cent, it said.
On the equity market, the textile sector took a loss of 0.04 per cent in market capitalisation.
Among the major sectors bank, fuel and power, engineering increased 0.73 per cent, 1.62 per cent and 1.05 per cent, respectively while textile and telecommunication were down 0.04 per cent and 1.30per cent respectively.
Zenith Investments, an asset management company, said the previous day's mild correction was completely engulfed by the day's market strength as the index closed the week with a huge positive gap.
MTB Capital, a merchant bank, said, "Investors tried to shift their investment from low cap stocks to large cap stocks kept the market in positive momentum".
Overall investors passed a better day ahead of quarterly earnings declarations of different stocks, said the merchant bank.
IDLC Investments, said, "After previous day's correction market leaped again to close comfortably over 4,800-point level supported by higher level of activities and higher relative valuation level in large cap issues".
According to Sheltech Brokerage, miscellaneous led the top market cap gainers with 1.8 per cent gain, while the telecommunications sector emerged top losers with 1.3 per cent loss.
Telecommunications showed the highest turnover increase of 170.5 per cent, while tannery industries showed the highest turnover loss of 22 per cent, said the Sheltech Brokerage
International Leasing Securities, a stockbroker, said, "The capital market returned to its winning streak after a session of mild correction amidst increased participation".
"Investors might have preferred to take position in several stocks ahead of the third quarterly earnings declaration," said the stockbroker.
Positive expectation regarding market sentiments for the post-Eid sessions might have encouraged the sideline investors to inject fresh fund in the market, said the stockbroker.
Fuel and power, bank and miscellaneous sector witnessed heavy buy force, while the telecommunications sector witnessed notable correction, said the stockbroker.
Beximco Pharma dominated the day's top turnover chart, with share of Tk 289 million changing hands followed by Islami Bank Tk 223 million, United Power Tk 214 million, Aman Feed Tk 173 million, BSRM Steels Tk 169 million, GP Tk 144 million, IFAD Autos Tk 115 million, BSRM 101 million, RAK Ceramics Tk 100 million and Beximco Tk 98 million changed hands.
Aman Feed was the day's best performer, posting a rise of 8.03 per cent followed by United Power 5.60 per cent, Hakkani Pulp and Paper 5.41 per cent, Global Heavy Chemicals 5.12 per cent, RAK Ceramics 4.94 per cent, Bengal Windsor 4.40 per cent, Emerald Oil 4.12 per cent, NCC Bank First Mutual Fund 4.00 per cent, Unique Hotel 3.71 3.42 per cent and Beximco gained 3.64 per cent.
The day's worst losers were Keya Cosmetics 5.05 per cent, Agrani Insurance 4.63 per cent, National Tubes 3.89 per cent, Deshbandhu Polymer 3.70 per cent, United Finance 3.34 per cent, Purabi General Insurance 3.31 per cent, Meghna Pet 3.27 per cent, Combinational Insurance 3.18 per cent, Popular Life Insurance 3.08 per cent and Gemini Sea Food lost 2.61 per cent.
The port city bourse Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index - CSCX - gained 47.25 points to end at 8,986.47.
Losers beat gainers on the port city bourse that traded 10.26 million shares and mutual fund units with a value of Tk 372 million.
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