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The Financial Express

Stocks rebound on bargain hunting

FE Online Report | Published: December 26, 2019 16:01:17 | Updated: December 29, 2019 11:24:21


Stocks rebound on bargain hunting

Stocks rebounded on Thursday, after hitting 42-month low in the previous day, as bargain hunters showed their buying appetite on sector-wise shares.

DSEX, the prime index of the Dhaka Stock, went up by 28.16 points or 0.64 per cent to settle at 4,418, after losing 66 points in the past four days.

Market analysts said lucrative price level of fundamentally sound stocks attracted bargain hunters, taking the market in the green zone.

Positive support of institutional investors including state-run Investment Corporation of Bangladesh (ICB) also played a vital role to close the in the positive note, said a leading broker.

Two other indices closed higher. The DS30 index, comprising blue chips, gained 12.55 points to finish at 1,508 and the DSE Shariah Index rose 9.45 points to close at 994.

Turnover, another important indicator of the market, stood at Tk 3.05 billion, which was 28 per cent higher than the previous day’s 21-month lowest turnover of Tk 2.39 billion.

The gainers took a strong lead over the losers as out of 352 issues traded, 204 closed higher, 92 ended lower and 56 issues remained unchanged on the DSE trading floor.

A total number of 93,454 trades were executed in the day’s trading session with trading volume of 99.84 million securities.

The market capitalisation of the DSE also rose to Tk 3,384 billion on Thursday, from Tk 3,365 billion in the previous session.

Daffodil Computers topped the turnover chart with shares worth Tk 102 million changing hands, followed by Northern Jute Manufacturing, United Power, National Life Insurance and Khulna Power.

Zaheen Spinning was the day’s best performer, posting a gain of 10 per cent while ICB Islamic Bank was the day’s worst loser, shedding 6.66 per cent.

The port city bourse, Chittagong Stock Exchange, also ended higher with its CSE All Share Price Index - CASPI -advancing 91 points to settle at 13,464 and the Selective Categories Index - CSCX –gaining 57 points to finish at 8,163.

Here too, the gainers beat the losers as 128 issues closed higher, 63 ended lower and 33 remained unchanged.

The port city bourse traded 7.32 million shares and mutual fund units worth Tk 397 million in turnover.

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