Stocks rebound on bargain hunting after two-day fall

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Stocks staged a strong rebound in early trading on Wednesday as investors snapped up beaten-down shares at attractive prices following a two-day sell-off.

The buying spree came despite the government’s latest fuel price hike, while global oil prices continued to decline, easing some concerns over the impact of higher domestic fuel costs.

The benchmark DSEX index jumped 39 points, or 0.70 per cent, to 5,579 by 11:00 am.

The DS30 index, comprising blue-chip stocks, advanced 8 points to 2,114, while the DSES index, representing Shariah-compliant stocks, gained 8 points to 1,117.

Market breadth remained firmly positive, with 257 issues advancing against just 61 declining and 64 remaining unchanged on the Dhaka Stock Exchange (DSE).

Turnover reached Tk 2.92 billion in the first hour, reflecting strong buying interest across the market.

Dominage Steel led the turnover chart, with shares worth Tk 170 million changing hands during the period.

The Chittagong Stock Exchange (CSE) also opened higher. Its All Share Price Index (CASPI) gained 33 points to 14,849, while the CSE Selective Categories Index (CSCX) rose 24 points to 9,115.

Source: The Business Standard