Key index goes previous 5,500-point mark as stocks rebound
Stocks bounced back yesterday to go recent 5,500-point tag after two weeks as investors are actually increasingly showing interest on the market after a recently available fall made many shares lucrative.
The DSEX, the benchmark index of the Dhaka STOCK MARKET (DSE), was up 81.4 points, or 1.50 per cent, to close the day at 5,508.26.
"Investors' participation rose. This is a positive production for the market," said Mohammad Moniruzzaman, taking care of director of IDLC Investments.
The trading was diversified too, he said.
Around 32 per cent turnover of the DSE have been concentrated found in five to six firms in the last couple of weeks. These were Beximco Ltd, Beximco Pharmaceuticals, BATBC, LankaBangla Financing, and Robi Axiata, DSE info showed.
Investors bought various shares, indicating their renewed hope available in the market, he added.
For the last couple of days, junk stocks have already been advancing as much investors think these shares would perform better later on thanks to regulatory steps, said a stock broker.
The Bangladesh Securities and Exchange Commission changed the board of directors of five low-performing companies in a bid to improve their performance. The regulator might take similar steps for some other companies.
Investors believe the firms that found the restructure of the plank may bounce back, thus they are buying the stocks of these businesses, the broker said.
But, they should be rational for the reason that rebound of the firms that got incurred losses years after years would not be convenient, he added.
Turnover, a significant indicator of the marketplace, rose 34.9 per cent, to Tk 833 crore on the DSE.
On the DSE, 233 stocks rose, 42 declined and 84 remained unchanged.
Peninsula Chittagong topped the gainers' list as it rose 10 %, accompanied by Emerald Oil, LankaBangla Financing, eGeneration, and Anwar Galvanizing.
British American Tobacco Bangladesh was near the top of the turnover list as its shares worth Tk 104 crore changing hands, accompanied by Beximco Ltd, Beximco Pharmaceuticals, Robi Axiata, and LankaBangla Finance.
Padma LIFE INSURANCE COVERAGE shed the most since it dropped 3.72 per cent. Sonali Ansh, Eastern Insurance, Shyampur Sugar, and Zeal Bangla Sugar Mills had been also among the important losers.
The port metropolis bourse also rose yesterday. The CASPI, the overall index of the Chittagong STOCK MARKET, gained 329 factors, or 2.09 per cent, to close at 16,016.
Among 240 stocks traded, 168 rose, 27 dropped, and 45 remained the same.
