Stocks post gains as sell off eases

Indices extended their bull run from the previous session and ended higher on Thursday after confronting heavy losses earlier in the week.

The stock market depicted some optimism as investors came out of their sell frenzy attitude and took interest in sector-specific shares. 

The benchmark index of the Dhaka Stock Exchange, DSEX advanced 82 points or 2 percent to end the session at 4,150 points. 

CASPI, the prime index of the Chittagong Stock Exchange also posted a gain of 207 points or 1.7 percent to close at 12,600 points. 

The Shariah index, DSES went up 26 points or 2.8 percent to close at 940 points, while DS30, the blue-chip index gained 35 points or 2.6 percent closing at 1,407 points. 

Bourses have got a positive momentum on the back of the news of buy declarations of the directors of the large-cap stock Square Pharma. 

Two of the directors of the company, Samuel S Chowdhury and Tapan Chowdhury have expressed their intentions to buy 300,000 shares each of the company at the prevailing market price through the DSE and the CSE within the next 30 working days, according to the DSE website.

Consequently, Square Pharma was the day's most traded stock with Tk21.3 crore turnover and a closing price of Tk178.4 per share. The stock also posted a price gain of 7.5 percent on Thursday. 

Grameenphone, one of the company giants gained 6.3 percent in price to close at Tk242.2 per share. 

The price appreciation of Square Pharma and Grameenphone has pushed indices to close higher, showed the Daily Market Review of EBL Securities Ltd. 

The Bangladesh Bank has recently announced to support the capital market both by injecting funds and by reforming policies. 

The news has boosted up confidence among the investors and hence most of the sectors exhibited price appreciation. 

Among the large-cap sectors, telecommunication registered the day's highest price appreciation of 4.5 percent, while pharmaceuticals gained 3.8 percent price and banks gained 2.1 percent. 

The IT and financial institution sectors, however, recorded a negative movement and gave up 1.4 percent and 0.2 percent respectively. 

Anlima Yarn topped the gainers' table adding up 9.7 percent to its price to close at Tk40.7 per share while SS Steel was the day's worst loser shedding 9.6 percent with a closing price of Tk16 per share. 

Out of 353 issues traded, 194 closed higher, 112 ended lower and 47 finished unchanged on the DSE trading floor.