DSE turnover jumps 213% as stocks rebound

Stocks at both of the country's bourses rebounded yesterday after a day of massive decline due to the ongoing curfew and internet disruptions.

The benchmark index DSEX of the Dhaka Stock Exchange (DSE) rose 62 points to reach 5,413, while the blue-chip DS30 gained 24 points to close at 1,932.

The market capitalization at the country's premier bourse rose by Tk3,165 crore to reach Tk6.57 lakh crore.

The Chittagong Stock Exchange (CSE) also settled in positive territory, as its key index CASPI rose 56 points to reach 15,415, and the general index CSCX surged 41 points to close at 9,285.

The turnover at the DSE jumped 213% to Tk497 crore, while the CSE witnessed a 41% growth in turnover to Tk3.54 crore.

The EBL Securities said in its daily market commentary, the equity indices of the Dhaka bourse elevated into green territory right after lacklustre trading activities in the previous session as most of the scrips observed price appreciation, with bargain hunters taking control to seize quick gain opportunities following the recent downtrend.

However, the overall market sentiment still remains subdued as cautious investors still shy away from taking positions in equities amidst uncertainties regarding the market's outlook, being apprehensive of the prevailing unrest, it added.

Earlier, after a three-day closure, share trading resumed on Wednesday. On that day, the DSEX fell by 1.76%, while the blue-chip index DS30 dropped by 1.92%. Turnover at the DSE hit an 18-month low of Tk159 crore due to reduced investor participation.

The CEO of a top-tier brokerage firm told The Business Standard that the market was already weak before the student protests, which were followed by violence, an internet ban, a curfew, and general holidays. The economic impact of these events has further heightened investors' concerns about corporate performance and stock prices.

Ashequr Rahman, managing director of Midway Securities, told TBS that trading time has been rescheduled due to the curfew, and many investors could not trade on Wednesday due to disruptions in internet connectivity across the country.

However, after the internet connection was fully restored, investor participation increased on Thursday, he added.

Meanwhile, on Thursday, Square Pharma was the top-traded stock with a turnover of Tk35 crore at the DSE, followed by Orion Infusion, Lovello Ice Cream, and Agni System.

The newly listed Techno Drugs topped the gainers' table as its share price jumped 9.87% to reach Tk42.3, followed by Agni System, Prime Finance First Mutual Fund, Midland Bank, and BDCOM Online.

Rangpur Foundry performed the worst on the day as its share price dropped 2.98%, followed by Khan Brothers PP Woven Bag, FAS Finance, Jute Spinners, and Sea Pearl Beach Resort.