Stock market rebounds strongly after two days of fall, highest turnover in a month
After two consecutive trading days of decline earlier in the week, the country's stock market staged a strong rebound on Tuesday (10 November), the third trading day. Most securities gained on both the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE), the main indices jumped sharply, and Dhaka recorded its highest turnover in the last 27 trading days — in other words, in a month.
As trading opened in the morning, the prices of most companies' shares and mutual fund units began to rise. The upward trend in the indices was clearly visible. Strong buying interest sustained the momentum from the opening bell to the close, and buying pressure intensified further towards the end of the session.
By the close, the DSE's benchmark index, the DSEX, had surged 43 points to 5,436. The DSE-30 index, comprising 30 selected sound companies, rose 7 points to 2,057, while the DSE Shariah index gained 8 points to settle at 1,053.
Of the listed companies on the DSE, 264 gained in price, 68 lost and 52 remained unchanged. By category, among fundamentally sound companies paying dividends of at least 10 percent or more, 142 advanced against only 29 decliners.
Among mid-cap companies, 57 gained while 8 declined. Even among the weak 'Z' category companies that fail to pay regular dividends to investors, 65 gained and 30 fell. In the mutual fund sector, seven funds rose while nine declined.
Turnover on the DSE also picked up in line with the sharp rise in the indices. Total turnover stood at Tk 658.50 crore at the end of the day, Tk 3.80 crore higher than the previous trading day. This was the highest turnover recorded on the Dhaka bourse since 1 October.
Shahjibazar Power played the leading role in the day's turnover, with shares worth Tk 28.70 crore changing hands. Evince Textile recorded turnover of Tk 16.34 crore and Shahinpurak Ceramics Tk 13.79 crore.
Other active companies at the top of the turnover list included Envoy Textile, Dorin Power, Karnaphuli Insurance, Baraka Patenga Power, Sayham Textile, Intraco Refueling Station and Beximco.
On the Chittagong Stock Exchange (CSE), of the 183 companies that took part, 118 gained while 40 declined. As a result, the CSE's overall index, the CASPI, rose 51 points, and total turnover there stood at Tk 9.80 crore.
Tuesday's rebound after two days of decline saw buyers dominate most sectors of the market. From fundamentally sound companies to weaker ones, gainers outnumbered losers in every category, bringing the day's trading to a positive close.
