Stocks rebound after two days of losses

Shares on the Dhaka Stock Exchange (DSE) returned to the positive territory yesterday after falling for two days.

The DSEX, the benchmark index of the premier bourse of Bangladesh, edged up 6 points, or 0.09 per cent, to 7,043 at the end of the day.

The stocks opened higher as the optimistic investors were showing buying interest on sector-wise issues after the two-day correction, said International Leasing Securities Ltd (ILSL) in its daily market review.

Investors were very active through the mid-session and their profit-booking tendency forced the market to end slightly higher compared to the last session.

Among the sectors, jute rose 3.3 per cent and tannery increased 1.9 per cent. The investors' activity was mostly concentrated on pharmaceuticals, chemicals and engineering stocks.

Losers took a modest lead against gainers, as out of 377 issues traded, 139 advanced, 162 declined and 76 issues remained unchanged.

Turnover rose to Tk 1,213 crore, down from Tk 1,231 crore a session ago.

Beximco Ltd was the most-traded stock with its shares worth Tk 137 crore changing hands. Fortune Shoes, Orion Pharmaceuticals, Bangladesh Shipping Corporation, and Saif Powertec also saw heavy trading.

Stylecraft topped the gainers' list rising 9.93 per cent. Rahim Textile Mills gained 8.75 per cent. Aramit Cement, Alltex Industries and Apex Tannery advanced more than 7 per cent.

Tamijuddin Textiles was the worst-performing stock on the day, slipping 7.30 per cent. Union Insurance, Rahima Food Corporation and Shyampur Sugar Mills dropped between 4 and 7 per cent.

The Chittagong Stock Exchange (CSE) also rose. The Caspi, the main index of the bourse in the port city, was up 27 points, or 0.13 per cent, to close the day at 20,629.

Of the 308 stocks traded, 117 rose, 147 fell and 44 remained unchanged.