Stocks spring back from losses

Stocks bounced back yesterday after investors went for heavy buying of shares to cash in on lower prices.
The benchmark general index of Dhaka Stock Exchange gained 160 points, or 2.56 percent, to close at 6,423 points.
The general index of DSE lost 294 points on Monday, influenced by rumours that manipulators were trying to create a volatile situation in the market.
The selective price index of Chittagong Stock Exchange advanced by 242 points, or 2.13 percent, to 11,581 points.
Of 252 issues, 230 advanced, 19 declined and three remained unchanged on the DSE trading floor.
Professor Salahuddin Ahmed Khan, who teaches finance at Dhaka University, said: "Investors' buying pressure pulled the market."
Islam, also a former chief executive officer of DSE, said the market gained after an initial loss of some points. “So it seems to be rational market behaviour.”
The general index of DSE dropped 95 points in the first five minutes of trading but gained 40 points after 15 minutes of trading.
Most of the major sectors such as banks gained 1.66 percent, non-bank financial institutions 2.51 percent, telecoms 1.44 percent and fuel and power 2.61 percent.
Daily turnover on the DSE was recorded at Tk 792 crore, down Tk 431.60 crore from the previous day. The trading volume declined from the previous day.
Beximco topped the turnover leaders with 13.07 lakh shares worth Tk 36.73 crore traded on the day.
The other turnover leaders were Aftab Automobiles, Titas Gas, Rak Ceramics, Bextex, Peoples Leasing and Financial Services, Fu-wang Ceramic, Desco, Bay Leasing and Investment, Premier Leasing and Financial.
CMC Kamal was the biggest gainer of the day, posting a 9.99 percent rise in its share price, while Kohinoor Chemicals was the worst loser, slumping by 4.90 percent.