Stocks make a comeback

The country's stock market bounced back yesterday after crashing for two days, turning many stocks lucrative.

The DSEX, the benchmark index of the DSE, went up 62 points, or 1.16 per cent, to 5,412 yesterday. In the previous two days of trade, it dropped 166 points, or by more than 3 per cent.

As many well-performing companies' stocks also fell in the last two days, they can now be considered lucrative, said stock investor Sohel Rana.

Though investors are still fearful about the rise of infections of the coronavirus, they continued to buy shares, he said.

Now support from institutional investors is needed for the index to continue to rise, Rana added. Meanwhile, NRB Commercial Bank made its debut on the bourse yesterday, when it soared 32 per cent.

Turnover, an important indicator of the market, increased 12 per cent to Tk 693 crore.

Rumours have been going around that the market could be shut down as part of effort to contain the pathogen, said a stock broker.

Yesterday the stock market regulator issued a press release informing that the market would remain open if the banks continue operations.

The spread of the pathogen may hamper business of listed companies, said the broker. "So, investors were cautious in buying stocks in the previous days," he said.

As most stock prices had been downed for that fear, investors now are buying stocks, the broker added.

In the bourse, 188 stocks rose, 56 declined and 108 remained unchanged.

NRB Commercial Bank topped the gainers' list, rising 32 per cent, followed by First Finance, Intech, Premier Bank and Asia Pacific General Insurance Company.

Beximco topped the turnover list with trade worth Tk 76 crore followed by Premier Bank, NRB Commercial Bank, Robi Axiata and Beximco Pharmaceuticals.

GBB Power shed the most, dropping 4.31 per cent, followed by Jute Spinners, ICB AMCL First Agrani Bank Mutual Fund, Libra Infusions and Shyampur Sugar Mills.

The port city bourse also rose yesterday.

The CASPI, the general index of the Chittagong Stock Exchange (CSE), gained 191 points, or 1.23 per cent, to reach 15,677.

Among 217 stocks to witness trade, 122 rose, 49 dropped and 46 remained the same.