Stocks bounce back

The Bangladesh stock market index returned to the black yesterday after a profit booking session on Wednesday.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), rose 32 points, or 0.48 per cent, to 6,984. On the previous day, it dropped 96 points, or 1.37 per cent, after a five days' continuous rise.

Optimistic investors poured money in hopes that the market would go up in the coming days, said a stock broker.

The day started with a massive fall but at the end of the day, there was a turnaround.

This is mainly due to higher participation of institutional investors, he added.

Turnover of the Dhaka bourse dropped 9 per cent to Tk 1,043 crore from the previous day's Tk 1,152 crore.

The Dhaka bourse ended in the green after a single day break as opportunistic investors took up some fresh stakes in sector-specific stocks, said International Leasing Securities in its daily market review.

The investors' enthusiasm in textile, service, jute, food & allied and engineering sectors helped the DSEX stay in the green.

However, other investors reshuffled their portfolios in paper and printing, life insurance, cement and general insurance sectors, it added.

At the DSE, 214 stocks advanced, 106 declined and 57 remained unchanged.

Tamijuddin Textile Mills topped the gainers' list, rising 10 per cent, followed by SK Trims and Industries, Saiham Textile Mills, Gemini Sea Food and Agricultural Marketing Company Limited (PRAN).

Shurwid Industries shed the most, falling 5.58 per cent, followed by Dominage Steel Building Systems, FAS Finance and Investment, Appollo Ispat Complex and Fu-Wang Ceramic Industry.

Stocks of Beximco were traded the most, worth Tk 73 crore, followed by GSP Finance Company (Bangladesh), Genex Infosys, Delta Life Insurance Company and British American Tobacco Bangladesh.

The Chittagong Stock Exchange (CSE) also rose yesterday. The CASPI, the main index of the CSE, gained 102 points, or 0.50 per cent, to reach 20,462.