Stocks rebound breaking six days' losing streak

Stocks today rebounded breaking six days' losing streak as bargain hunters chose to take positions on some particular large-cap scrips. 

DSEX, the broad index of the Dhaka Stock Exchange, recovered 73 points and settled at 5,703 points. In the last six consecutive sessions, the DSEX fell around 200 points. 

While DS30, the blue-chip index, jumped by 1.06% or 22 points to 2,114 points and DSES increased by 1.66% or 20 points to 1,235 points. 

Although indices increased, turnover fell by 9.4% to Tk562 crore as against Tk621 crore in the previous session.

Out of the traded stocks, 273 scrips price advanced, 76 declined and 47 remained unchanged.

EBL Securities in daily market commentary said, "The downbeat capital market logged some recovery as bargain hunters chose to take positions in particular large-cap and trendy scrips following consecutive corrections, although overall market sentiment remains subdued as cautious investors are still watchful of the market's momentum." 

"The market remained upbeat for the majority of today's session, as investors took positions in sector-specific issues with positive expectations ahead of the corporate earnings declarations for the June-closing companies," the commentary reads.

On the sectoral front, Bank issues exerted the highest by 17.2% in turnover, followed by Pharma 16.3% and Food 13.6% sectors. 

National Life Insurance topped the gainer chart with a gain of 9.98% to Tk144.3 each, followed by Bangladesh Submarine Cable by 9.97% to Tk147.7 each, and Khan Brother PP Woven Bags by 9.94% to Tk142.6 each. 

Besides, New Line Clothing topped the loser list as its share price fell by 10% to TK31.5 each, followed by Confidence Cement by 9.62% to Tk73.2 each and Hami Industries by 8.25% to Tk112.3 each. 

The port city bourse, CSE, also settled on green terrain. 

The selected indices (CSCX) and All Share Price Index (CASPI) added 40.1 and 62.7 points, respectively.