Stocks recover on buying spree
Shares at Dhaka Stock Exchange (DSE) ended higher yesterday on suffering a major decline last week due to a buying spree by bargain hunters on selective shares which account for large amounts in market capitalisation.
The shares of Grameenphone, British American Tobacco Bangladesh, Walton, Square Pharmaceuticals, Robi, Beacon Pharmaceuticals, Beximco Pharmaceuticals, Pubali Bank, Renata and City Bank witnessed a rise in prices.
BRAC EPL Stock Brokerage in its market update said the market closed in the green yesterday when most sectors, which account for large amounts in market capitalisation, posted positive performances.
Market capitalisation means the total market value of a company's outstanding shares of stock.
Food and allied booked the highest gain of 1.34 percent followed by non-bank financial institutions (1.16 percent), telecommunication (0.82 percent), pharmaceuticals (0.75 percent), bank (0.56 percent), fuel and power (0.50 percent), and engineering (0.03 percent).
Block trades, meaning large, privately negotiated securities transactions, contributed 9.5 percent of the overall market turnover.
Central Pharmaceuticals was the most-traded share, gaining 3.4 percent with a turnover of Tk 24.7 crore.
Market movement was driven by positive changes in the market cap of paper and printing, bank, and food and allied scrips, according to the market update by Shanta Securities.
Shinepukur Ceramics took the pole position of the gainers' chart with 9.87 percent, followed closely by Intech and Malek Spinning Mills with 9.79 percent and 9.36 percent respectively.
The three were followed by City General Insurance Company, Maksons Spinning Mills, Tallu Spinning Mills, and Zeal Bangla Sugar Mills.
Safko Spinnings Mills, Metro Spinning, National Tea Company and IPDC Finance were also on the gainers' list.
Asiatic Laboratories shed the most, losing 5.19 percent, followed by Reckitt Benckiser (Bangladesh), Uttara Finance and Investments, Nitol Insurance Company, and Sunlife Insurance Company.
Bangladesh Welding Electrodes, Rupali Life Insurance Company and Aramit were also in the list of those suffering losses.
The DSEX, the benchmark index of the prime bourse of Bangladesh, went up by 51.37 points, 0.89 percent, to close the day at 5,829.
The DSES, the index that represents Shariah-compliant firms, rose 11.77 points, 0.93 percent to 1,266.31 points.
However, the DS30, which comprises blue-chip stocks, edged up by 10.21 points, 0.50 percent to 2,021.29.
In its daily market update, UCB Stock Brokerage said the market closed in the positive with an increase in turnover.
Turnover, which indicates the volume of shares traded during the session, stood at Tk 467 crore, an increase of 13.60 percent compared to that in the previous trading session.
In sector-wise performance, ceramics, tannery and services and real estate sectors closed in the positive while only the cement sector closed in the negative.
The pharmaceuticals sector dominated the turnover chart, representing 18.13 percent of the market's total turnover.
Of the issues that were traded on the DSE, 273 made gains, 74 declined, and 49 did not see any price swing.
Chittagong Stock Exchange (CSE) witnessed a similar trend as the Caspi, the main index of the port city bourse, rose 75 points, or 0.45 percent, to close at 16,628.71 points.