Stocks rebounded on the gaining streak on Thursday, after a single-day break, as bargain hunters put fresh bets on sector-specific large-cap issues.
The market started with an upbeat trend and the key index rose about 70 points within the first 30 minutes. However, half of the early gains wiped out amid profit booking sell-off.
The DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up 32.60 points or 0.46 per cent to 6,984, after losing more than 96 points in the previous day.
Two other indices also ended higher. The DSE 30 Index, comprising blue chips, advanced 11.14 points to finish at 2,632 and the DSE Shariah Index (DSES) gained 8.39 points to close at 1,475.
Turnover, a crucial indicator of the market, dropped to Tk 10.43 billion, which was 9.46 per cent lower than the previous day's tally of Tk 11.52 billion.
Block trade contributed more than 16 per cent to the total daily turnover, where stocks like Genex Infosys (Tk 1.19 billion), ONE Bank (102 million), Renata (Tk 70.35 million) and Prime Insurance (Tk 56.60 million) dominated the block trade board.
Market analysts said stocks rebounded as bargain hunters took some fresh stake in the sector-specific issues after the previous day's sharp fall.
Meanwhile, rumours in the market that the Prime Minister's Office (PMO) is expected to hold a meeting next week with the two regulatory bodies to resolve the ongoing spat between the BSEC and the central bank, prompted some investors to the market, according to an analyst.
But, no one confirmed the meeting news with the PMO.
Stocks rebounded as bargain hunters went for buying binge in selective issues after most of the stocks saw a substantial fall in the previous day, according to EBL Securities.
Investors, however, mostly followed cautious as a little headway was made to resolve the dispute between the BSEC and the central bank on Tuesday's meeting, said the stockbroker.
Five large-cap stocks such as British American Tobacco, Walton, Beacon Pharma, ICB and BSRM jointly accounted for 18 points rise of DSEX, according to amarstock.com.
The regulatory directive to comply with mandatory shareholding by sponsor-directors of listed companies within a month also encouraged some investors to the market, according to a merchant banker.
The securities regulator asked 27 listed companies to ensure holding of mandatory 30 per cent shareholding jointly in their respective firms within a month.
Among the major sectors, textile posted the highest gain of 2.20 per cent, followed by food with 1.50 per cent, engineering 1.0 per cent, pharma 0.60 per cent, power 0.50 per cent, and banking 0.10 per cent.
Gainers took a strong lead over the losers, as out of 377 issues traded, 214 advanced, 106 declined and 57 remained unchanged on the DSE trading floor.
Beximco was the most traded stock with shares worth Tk 732 million changing hands, closely followed by GSP Finance (Tk 402 million), Genex Infosys (Tk 280 million), Delta Life Insurance (Tk 190 million) and British American Tobacco Bangladesh (Tk 178 million).
SK Trims Industries was the day's highest gainer, soaring 9.83 per cent while Shuwrid Industries was the day's worst loser, losing 5.58 per cent.
The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index - CASPI -gaining 102 points to settle at 20,462 and the Selective Categories Index - CSCX-- rising 61 points to close at 12,294.
Of the issues traded, 160 advanced, 92 declined and 34 remained unchanged on the CSE. The port-city bourse traded 17.70 million shares and mutual fund units with a turnover value of Tk 395 million.
