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Stocks rise after two-day slump

Turnover drops 6.10pc on prime bourse

FE REPORT | September 07, 2022 00:00:00

The stock market rebounded Tuesday, snapping a two-day losing streak, as the bargain hunters showed their buying appetite for sector-specific stocks.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), climbed 39.65 points or 0.62 per cent to settle at 6,471, after losing 77 points in the past two trading days.

Turnover, a crucial indicator of the market, stood at Tk 13.15 billion on the premier bourse, which was 6.10 per cent lower than the previous day's tally of Tk 14 billion.

Market operators said bargain hunters showed late hours' buying spree on sector-wise large-cap stocks which helped the market to bounce back in the gaining streak.

The investors' buying rush in selective issues helped the market to recover after the recent corrections put many stocks at a lucrative level, said EBL Securities, in its regular market analysis.

The Bangladesh Securities and Exchange Commission's supporting measures to stabilise the stock market on the backdrop of global economic turmoil served as a major driving force behind the bullish sentiment on the trading floor, said the stockbroker.

Five large-cap stocks such as Beacon Pharma, Orion Pharma, LafargeHolcim, Beximco Pharma and Bashundhara Paper Mills jointly contributed to a rise of 30 points in DSEX, according to amarstock.com, a market data analyst.

International Leasing Securities said the bargain hunters revealed their buying interest on sector specific stocks after the two-day profit booking sale pressure.

Two other indices also ended higher. The DS30 index, comprising blue chips, rose 20.66 points to finish at 2,306 and the DSE Shariah Index (DSES) gained 14.24 points to close at 1,419.

The pharmaceuticals sector topped the turnover chart, grabbing 18 per cent of the day's total turnover, followed by miscellaneous (15 per cent) and engineering (11 per cent).

Most of the large-cap sectors showed negative performance. The non-bank financial institution saw the highest loss of 1.02 per cent, followed by banking with 0.30 per cent, power 0.25 per cent, food 0.19 per cent and telecom 0.15 per cent.

The pharmaceuticals sector witnessed the highest gain of 1.70 per cent followed by cement with 1.50 per cent and engineering 0.20 per cent.

Losers, however, took a modest lead over the gainers, as out of 367 issues traded, 146 closed lower, 127 higher and 94 others remained unchanged on the DSE trading floor.

Orion pharma became the most-traded stock with shares worth Tk 766 million changing hands, closely followed by Beximco (Tk 755 million), JMI Hospital Requisite Manufacturing (Tk 487 million), Bangladesh Shipping Corporation (Tk 464 million) and Eastern Housing (Tk 428 million).

Sinobangla Industries was the day's top gainer, gaining 10 per cent while Phoenix Finance was the day's worst loser, shedding 10.11 per cent, following its corporation declaration.

The Chittagong Stock Exchange (CSE) also bounced back with the CSE All Share Price Index (CASPI) gaining 85 points to settle at 18,989 and its Selective Categories Index (CSCX) rising 51 points to close at 11,381.

Of the issues traded, 121 declined, 95 advanced and 45 issues remained unchanged.

The port-city bourse traded 7.02 million shares and mutual fund units with a turnover value of Tk 305 million.

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