Stocks rebound after 4-day decline
Daily turnover at the DSE stood at Tk 643 crore, up 24.8 per cent from Tk 515 crore the previous day
Stocks in Bangladesh yesterday ended a four-day losing streak as investors capitalised on declining share prices in anticipation of future gains, according to market analysts.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 21 points, or 0.31 per cent, to hit 6,662 by the end of the trading session.
Similarly, the CASPI, the main index of the Chittagong Stock Exchange, gained 42 points, or 0.21 per cent, to close at 19,544.
"Stocks posted modest gains as investors are showing interest in stocks with lucrative prices," International Leasing Securities Ltd (ILSL) said in its daily market review.
As such, investors increased their participation in order to grab the potential of future gains by purchasing cheaper stocks, it added.
However, ILSL went on to say that investors are following a cautious stance as inflation in the country is rising gradually.
Meanwhile, daily turnover at the DSE stood at Tk 643 crore, up 24.8 per cent from Tk 515 crore the previous day.
Non-bank financial institutions booked the highest gains followed by the pharmaceutical, fuel and power, and engineering sectors.
Telecommunication experienced the highest loss while bank, and food and allied stocks followed suit, according to the daily market update by BRAC EP Brokerage Ltd. Of the total 379 securities traded at the DSE, 217 gained, 110 fell and 52 remained unchanged.
Shares of City Bank Ltd advanced 4.78 per cent to Tk 26.30 after it posted nearly 26 per cent growth in its earnings per share, which stood at Tk 5.15 in 2021.
The private lender, which became the eighth highest gainer yesterday, declared 12.5 per cent cash and 12.5 per cent stock dividends for the year.
City Bank said it recommended stock dividends to strengthen its capital base in order to support future business growth and improve certain regulatory ratios.
Likewise, stocks of Doreen Power Generations and Systems Ltd gained 1.43 per cent to reach Tk 71 after the private power producer announced that the Bangladesh Power Development Board confirmed the dependable capacity of Chandpur Power Generations Ltd, a subsidiary of the company, is 115 MW.
Pubali Bank led the losers of the day after it recommended 12.5 per cent cash dividends for 2021, when its earnings per share rose 17.5 per cent year-on-year to reach Tk 4.23.
Beximco Ltd topped the most traded chart with shares worth Tk 36 crore changing hands.
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