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Stocks bounce back after two sessions

FE Report | March 01, 2022 00:00:00


Dhaka bourse on Monday bounced back after two sessions of sharp loss as investor's hope regained following the news regarding Russia and Ukraine negotiation to hold talks on war crisis.

On the day, DSEX, broad index of Dhaka Stock Exchange (DSE), broke the sharp losing streak of previous two sessions as majority number of listed securities saw marginal price appreciation.

The turnover value, however, remained below Tk 8.0 billion as investors are still in a mood of wait-and-see.

The premier bourse opened the day's session positively and the DSEX exhibited an upward trend for ten minutes.

After losing some points, the DSEX again displayed another upward trend and no major fluctuation was observed till closure.

At the end of the session, the core index settled at 6739.44 points with a rise of 0.94 per cent or 63.30 points.

The shariah based index DSES advanced 0.57 per cent or 8.33 points to close at 1453.47.

The DS30 index comprising blue chip securities closed at 2482.35 points with a rise of 0.58 per cent or 14.45.

"Equity indices on Monday turned green on recovery attempts, after the bourses witnessed a sharp correction of 272-point in previous two sessions, as panic-driven sell-frenzy cooled a bit while investors took position on low-priced issues on the bourse," said a market review of EBL Securities.

Of 377 issues traded on Monday, 314 advanced, 36 declined and 27 were unchanged.

On the day, the premier bourse DSE posted a turnover of Tk 7.30 billion which was 20.32 per cent less than the turnover of the previous session.

The day's turnover was the lowest one since December 29 last the day the DSE posted a turnover of Tk 7.35 billion.

Of total turnover, Tk 298 million came from transactions executed in the block board.

According to International Leasing Securities, Dhaka stocks bounced back as bargain hunters opted for shares of their preferred company at a cheaper price.

"Investors regained hope as the Ukrainian and Russian negotiators agree to hold talks in Belarus," said the International Leasing Securities.

Of the major sectors which saw price appreciation, bank advanced 1.2 per cent, engineering 1.1 per cent, financial institutions 1.3 per cent, fuel & power 1.2 per cent, general insurance 2.3 per cent, pharmaceuticals & chemicals 0.3 per cent and textile 1.7 per cent.

Of the sectors which saw price correction, Cement and Ceramics sectors declined 0.5 per cent and 0.4 per cent respectively.

Investors' participation was concentrated mostly on textile sector which grabbed 15.6 per cent of the market turnover followed by miscellaneous 14.6 per cent, engineering 12 per cent, pharmaceuticals & chemicals 11.3 per cent and bank 9.5 per cent.

Beximco topped the scrip wise turnover chart with a value of Tk 555 million followed by Bangladesh Shipping Corporation Tk 444 million, Anwar Galvanizing Tk 323 million, Fortune Shoes Tk 233 million and Sonali Paper & Board Mills Tk 177 million.

Tamijuddin Textile Mills was the number one gainer with a rise of 8.74 per cent or Tk 21.60 to close at Tk 268.80 each.

Crown Cement PLC was the worst loser after declining 3.26 per cent or Tk 2.40 to close at Tk 71.20 each.

CASPI, benchmark index of Chittagong Stock Exchange (CSE), advanced 0.72 per cent or 140.60 points to close at 19641.25 points on Monday.

Of 305 issues traded, 210 advanced, 67 declined and 28 were unchanged and the port city bourse posted a turnover of Tk 257.49 million.

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