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Stocks break six-day losing streak

FE Online Report | Published: September 05, 2019 16:05:22 | Updated: September 08, 2019 17:02:47


Stocks bounced back on Thursday, snapping a six-day losing streak, as bargain hunters showed appetite on large-cap issues.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 26.64 points or 0.53 per cent to settle at 5,013 after losing 192 points in the past six straight sessions.

Market analysts said the bargain hunters went on buying on selective large-cap stocks on lucrative price level as their price fell sharply in recent correction.

On Wednesday, the key index of the major bourse slumped below the ‘psychological’ threshold of 5,000-mark for the second time in 31 months.

Two other indices also edged higher. The DS30 index, comprising blue chips, advanced 9.78 points to finish at 1,758 and the DSE Shariah Index rose 8.29 points to close at Tk 1,167.

Turnover, a crucial indicator of the market, also rose to Tk 4.27 billion, which was 14 per cent higher than the previous day’s Tk 3.75 billion.

A total number of 117,069 trades were executed in the day’s trading session with trading volume of 110.77 million shares and mutual fund units.

The market-cap of the DSE also rose to Tk 3,745 billion on Thursday, from Tk 3,724 billion in the previous session.

Gainers took a strong lead over the losers as out of 352 issues traded, 192 closed lower, 97 ended higher and 63 remained unchanged on the DSE trading floor.

United Power topped the turnover chart with shares worth Tk 440 million changing hands, followed by IPDC Finance, Fortune Shoes, Monno Ceramic and Khulna Power.

SEML Shariah Fund was the day’s best performer, posting a gain of 9.27 per cent while First Finance was the day’s worst loser, plunging by 6.25 per cent.

The port city’s bourse, the Chittagong Stock Exchange, also rebounded with its All Shares Price Index (CAPSI) -- CASPI—gaining 50 points to close at 15,263 and the Selective Categories Index - CSCX – advancing 30 points to finish at 9,266.

Here too, gainers beat the losers as 135 issues closed higher, 95 lower and 33 remained unchanged on the CSE.

The port city’s bourse traded 6.70 million shares and mutual fund units worth nearly Tk 154 million in turnover.

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