Stocks rebound on bargain hunting, turnover remains low

FE ONLINE REPORT | Tuesday, 17 November 2020

Stocks rebounded on Tuesday after remaining flat in the previous day as bargain hunters showed their buying spree on selective issues based on corporate declarations.

DSEX, the prime index of the DSE, went up by 33.68 points or 0.69 per cent to settle at 4,905, over the previous session.

Market operators said the optimistic investors showed their appetite on sector specific large-cap issues based on the latest corporate declarations, taking the market index in the higher territory.

Five large-cap stocks – Investment Corporation of Bangladesh, Al-Arafah Islami Bank, Brac Bank, Islami Bank and BSRM Steel contributed the most to gain DSEX.

The recent downward trend sent the share prices of more than 75 companies to their floor prices level which also encouraged some investors to take a fresh position on lucrative stocks, said a merchant banker.

Two other indices also ended higher. The DS30 index, comprising blue chips, also gained 7.22 points to finish at 1,704 and the DSE Shariah Index rose 3.98 points to close at 1,126.

Turnover, a crucial indicator of the market, stood at Tk 7.91 billion, which was Tk 7.90 billion the previous day.

Gainers took a modest lead over the losers as out of 347 issues traded, 149 closed higher, 127 ended lower and 71 issues remained unchanged on the DSE trading floor.

A total number of 153,126 trades were executed in the day’s trading session with a trading volume of 383.08 million shares and mutual fund units.

The market capitalisation of DSE also rose to Tk 3,959 billion on Tuesday, from Tk 3,954 billion in the previous session.

Beximco Pharma continued to dominate the turnover chart with 4.50 million shares worth Tk 639 million changing hands, followed by Brac Bank, Beximco, Asia Insurance and Grameen One: Scheme Two Mutual Fund.

Miracle Industries was the day’s best performer, posting a gain of 9.90 per cent while Renata was the worst loser, losing 11.13 per cent following its price adjustment after the record date.

The Chittagong Stock Exchange ended higher with its All Shares Price Index (CASPI)—gaining 115 points to close at 14,046 while the Selective Categories Index – CSCX rising 69 points to close at 8,459.

Of the issues traded, 108 advanced, 101 declined and 47 remained unchanged on the CSE.

The port city bourse traded 12.01 million shares and mutual fund units with a turnover value of more than Tk 226 million.

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