The Financial Express

Stocks rebound on bargain hunting snapping previous day’s sharp fall

DSE daily turnover hits one-month low

| Updated: June 28, 2021 11:13:26

Stocks rebound on bargain hunting snapping previous day’s sharp fall

The market rebounded on Thursday, snapping the previous day’s sharp fall, as bargain hunters went on late hours buying spree on sector-specific stocks.

However, daily trade turnover plunged to one-month low to Tk 15.97 billion on the country’s premier bourse, slumping by 21 per cent over the previous day’s mark of Tk 20.30 billion.

It was the lowest single-day transaction in the last one month since May 23, when the turnover totaled Tk 14.85 billion.

After witnessing volatility, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 56.99 points or 0.94 per cent to settle at 6,092, after losing 90 points in the past two straight sessions.

Two other indices also ended higher with the DSE 30 Index, comprising blue chips, rose 10.69 points to finish at 2,199 and the DSE Shariah Index (DSES) advanced 4.46 points to close at 1,301.

Market analysts said stocks rebounded as institutional remained active in the market due to removal of the floor price restriction from all listed securities.

Gainers took a strong lead over the losers, as out of 372 issues traded, 191 advanced, 152 declined and 29 issues remained unchanged on the DSE trading floor.

Beximco -- the flagship company of Beximco Group -- dominated the turnover chart with shares worth about Tk 1.33 billion changing hands, closely followed by Malek Spinning Mills (Tk 1.07 billion), Queen South Textile (Tk 762 million), Kattali Textile (Tk 318 million) and Dutch-Bangla Bank  (Tk 300).

Reliance Insurance was the day’s top gainer, rising 9.98 per cent, while Sea Pearl Beach was the worst loser, shedding 8.44 per cent.

A total number of 254,961 trades were executed in the day’s trading session with a trading volume of 551.08 million shares and mutual fund units.

The market-cap of DSE also rose to Tk 5,106 billion on Thursday, up from Tk 5,082 billion in the previous session.

The Chittagong Stock Exchange (CSE) also rebounded with the CSE All Share Price Index – CASPI –gaining 86 points to settle at 17,657 and the Selective Categories Index – CSCX rising 51 points to close at 10,622.

Of the issues traded, 140 declined, 135 advanced and 28 issues remained unchanged on the CSE.

The port city’s bourse traded 27.41 million shares and mutual fund units with turnover value of Tk 887 million.

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