Stocks rebound from two-day slump

Stocks in Bangladesh bounced back yesterday following two days of sharp decline as vigilant investors opted for fresh bets on lucrative blue-chip and large cap shares amid the price fluctuation.

As such, shares of companies like BRAC Bank, Square Pharmaceuticals, Grameenphone, BAT Bangladesh, Renata, United Commercial Bank, Pubali Bank, City Bank, LafargeHolcim Bangladesh and Jamuna Bank were among those that drew the most investors.

The first four of these companies posted double-digit growth in share prices, with that of BRAC Bank and Square Pharmaceuticals rising by 20.18 percent and 18.99 percent respectively, according to LankaBangla Finance Portal.

However, Islami Bank, Beacon Pharmaceuticals, National Bank, Al-Arafah Islami Bank, Best Holdings, Kohinoor Chemicals, Orion Pharma, Orion Infusions and Navana Pharmaceuticals performed poorly.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose by 84.81 points, or 1.44 percent from the day before, to close at 5,952.77 points.

The DSEX, the benchmark index of the Dhaka Stock Exchange, rose by 84.81 points, or 1.44 percent from the day before

The DSES, an index comprising shariah-compliant companies, added 14.98 points, or 1.19 percent, to hit 1,270.34 points while the DS30 index comprised of blue-chip stocks ballooned by 63 points, or 2.95 percent, to 2,197.04 points.

Turnover, which indicates the total value of the shares traded, increased by 22.56 percent from the day prior to Tk 1,243.9 crore.

The banking sector dominated the turnover chart, contributing 29.52 percent of the total turnover.

The contribution of block trades, meaning high-volume transactions in a security that is privately negotiated and executed outside of the open market, was 1.9 percent of the overall market turnover.

Grameenphone was the most traded stock, registering turnover of Tk 159.2 crore.

Of the 397 issues traded at the DSE, 116 rose, 239 fell and 42 did not see any price movement.

So, the market closed in the green yesterday as all large-cap sectors posted positive performances.

The telecommunications sector was the second highest gainer, with a rise of 5.81 percent.

Food and allied followed with 3.66 percent while non-bank financial institutions notched gains of 2.99 percent, banks 1.66 percent, pharmaceuticals 1.21 percent, fuel and power 0.55 percent, and engineering 0.09 percent.

United Finance topped the gainers' chart with a rise of 9.93 percent.

GSP Finance Company Bangladesh, Islamic Finance and Investment, Phoenix Finance and Investments, and MIDAS Financing, displayed strong performances as well.

IPDC Finance, BRAC Bank, Bay Leasing and Investment, Heidelberg Materials Bangladesh and BD Finance were also on the gainers' list.

Islami Bank Bangladesh shed the most, losing 3.32 percent of its share value.

Orion Pharma, Libra Infusions, Sonali Paper and Board Mills, and Gemini Sea Food also suffered losses.

Monno Agro and General Machinery, Pharma Aids, GQ Ball Pen Industries, Jute Spinners and Renwick Jajneswar and Company (BD) featured on the losers' chart as well.

The Chittagong Stock Exchange witnessed a similar trend as its all-share prices index, the Caspi, went up by 132.56 points, or 0.78 percent compared to the day before, to settle at 17,142.04 points.