Stocks closed mixed trend on Wednesday after choppy trading as investors were reluctant to put fresh bets on stocks amid persisting economic headwinds and the floor price restriction.
DSEX, the benchmark index of the Dhaka Stock Exchange, went up by 4.68 points or 0.07 per cent to settle at 6,233.
Turnover, a crucial indicator of the market, stood at Tk 3.11 billion on the country’s premier bourse, rising 14 per cent from the previous day’s 20-month lowest turnover of Tk 2.72 billion.
The participation of investors was thin as liquidation opportunities had been squeezed for 80 per cent shares being stuck at the floor, said a merchant banker.
The gloomy macroeconomic outlook and the poor financial performance of listed companies have weakened investors’ confidence on the trading floor, he said.
General investors prefer to hold cash to meet the higher living costs instead of making any investment. As a result, the money flow to the bank as well as the stock market has shrunk.
Moreover, most of the stocks being at the floor price have limited liquidation opportunities in the market, making investors reluctant to inject fresh funds into equities.
Of the 312 issues traded, 43 advanced, 28 declined and 228 remained unchanged on the DSE floor.
Genex Infosys became the day’s turnover leader with shares worth Tk 217 million changing hands, followed by Orion Pharma, Aamra Network, Bashundhara Paper Mills and Bangladesh Shipping Corporation.
However, the Chittagong Stock Exchange (CSE) edged lower, with the CSE All Share Price Index (CASPI) losing 7.0 points to settle at 18,351 and its Selective Categories Index (CSCX) shedding 4.0 points to close the week at 10,995.
The port-city bourse traded 1.38 million shares and mutual fund units with turnover value of Tk 64 million.