Indices rebound on two-hour buying spree

Indices at the Dhaka Stock Exchange (DSE), the country's premier bourse, rebounded today (24 September), driven by a buying spree in the last two hours of trading.

With investors' concentration on the buying side, the DSEX — the benchmark index of the DSE — surged by 45 points, mostly on the back of price appreciation in A and B category stocks, according to the DSE.

With today's gain, stocks surged for the two consecutive sessions with increasing the DSEX by 55 points after witnessing a declining by 172 points in four consecutive trading sessions, as DSE information.

Stocks opened today on a positive note with slight gains in the indices, but volatility persisted until 12:11pm when the indices turned red. Thereafter, as buying pressure surged with increasing investor participation, stocks rebounded and the indices ultimately ended in the green.

Meanwhile, turnover — one of the key indicators of market activity — rose by 18% today to Tk576 crore, after having fallen below the Tk500 crore mark in the past three months amid sluggish investor participation.

However, most stocks at the DSE saw price gains — with 289, or 73%, advancing, 60 declining, and 48 remaining unchanged, according to DSE data.

The two other indices of the DSE—DSE Shariah index increased by 13 points to 1,165 and DS30, the blue-chip index surged by 19 points to 2,091.

Market capitalisation of the DSE's stocks surged by Tk5,804cr to TK7.22 lakh crore today.

Meanwhile, the debt securities market capitalisation stood at Tk3.61 lakh crore, and equity market capitalisation stood at Tk3.58 lakh crore.

73% A category stocks price surges

According to DSE data, out of the 219 A-category stocks — which paid over 10% dividends to their shareholders — 161, or 73%, gained in price today, while 27 declined and 31 remained unchanged.

On the other hand, among the 80 traded B-category stocks, which paid below 10% dividends, 88% saw price gains.

After facing sell-offs on Tuesday, Z-category stocks also rebounded, with 58% of them witnessing price increases.

Gainers and losers

According to the DSE, Intech Limited, an information and technology sector firm, led the gainer chart with increasing shares price of 9.91% to Tk36.6 each.

Followed by Miracle Industries with gains of 9.71% to Tk33.9 each, First Finance with 9.52% to Tk2.3 each, Mithun Knitting with 9.39% to Tk16.3 each and Yeakin Polymer with gains of 9.20% to Tk17.8 each.

On the other hand, Tung Hai Knitting, a textile sector firm, witnessed the highest price decline today as its shares price declines by 9.09% to Tk2 each, followed by Prime Finance with 9.09% declines to Tk2 each, Fareast Finance with 8.33% to TK1.1 each, Hamid Fabrics with 9.94% to Tk6.7 each, and global Islami Bank with 6.66% declines to Tk1.4 each.