Stocks rebounded yesterday, driven by large cap issues after two days of losses due to profit booking.
After shedding 42 points in the previous two sessions, the benchmark DSEX rose 22 points or 0.5% to close at 5,315.
The Shariah index DSES was marginally up over 8 points or 0.7% to 1,248. The comprising blue chips DS30 edged almost 9 points or 0.5% higher to end at 2,002.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, gained 24 points to 9,959.
Trading activities somewhat slowed down as DSE turnover stood at Tk980 crore, a decline of over 11% over the previous session’s value.
Banking and telecommunication stocks regained a bit with a rally of over 1% and 1.6% respectively. Textile stocks dropped on profit booking.
Better earnings in some mutual funds prompted investors to take position and assisted most of the mutual funds to close in green zone, with six of them attaining positions in top ten gainers’ list.
Lanka Bangla Securities said market ended in the green zone with DSEX hitting 5,360-level intraday supported by pharma, fuel and telco stocks in the morning trading.
However, sell-offs in last hour retracted some of the positive vibe in index, it said.
“Monthly inflation news seemed to be decisive for the market as investors embraced the falling inflation rate on back of good rice production and low interest and exchange rates account for the slide.”
IDLC Investments said having optimistic support of large cap, the market reversed last two sessions’ correction mood.
Meanwhile, investors started re-balancing portfolio ahead of upcoming Q3 earnings disclosures, it said.
Zenith Investments said last day of market correction could not dampen the spirit of investors nor was it any sign of weakness.
It said although profit taking was witnessed in some major sectors and stocks, the overall market kept itself from falling off the cliff with all the three indices pointing upwards only.
Mobil Jamuna Limited topped the liquidity chart accumulating Tk55 crore, followed by Square Pharmaceuticals, Titas Gas, Grameenphone, Delta Life Insurance, Beximco Ltd and Heidelberg Cement.