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The Financial Express

Stocks post slight gain at open amid low turnover

FE Online Report | Published: June 07, 2020 11:40:21 | Updated: June 09, 2020 10:20:42


Traders, wearing masks, monitoring stock price movements on computer screens at a brokerage house in the capital city — FE/Files Traders, wearing masks, monitoring stock price movements on computer screens at a brokerage house in the capital city — FE/Files

Stocks on both the bourses witnessed a slight gain trend at opening on Sunday despite investors’ concerns over the worsening COVID-19 situation and the floor prices mechanism kept the market almost inactive.

Within first 30 minutes of trading, DSEX, the key index of the DSE, advanced more than 5.0 points while the Selective Category Index of port city bourse gained 4.0 points at 11:00am when the report was filed.

The DSEX went up by 5.84 points or 0.14 per cent to stand at 3,959 points at that time.

Two other indices also gained marginally till then. The DS30 index, comprising blue chips advanced 3.73 points to 1325. The DSE Shariah Index (DSES) gained 2.0 points to stand at 917 points till then.

Turnover, one of the important indicators of the market, stood at only Tk 121 million when the report was filed at 11:00am.

Market operators said lack of institutional buyers coupled with the current floor price limitation is preventing many investors from buying and selling shares, bringing turnover to a record low.

“Under the existing system the buyers have not enough scope to purchase securities at their desired prices,” said a merchant banker.

Most of the shares remained stuck at the trading floor due to floor price limitation and very few buyers came and picked some of the offered shares.

Of the issues traded till then, only 15 advanced, 9 declined and 165 remained unchanged as transactions takes place based on the floor price of the shares.

Central Pharma was the most traded stock till filing of this report with shares worth Tk 23 million changing hands, followed by Square Pharma, Linde Bangladesh, Beximco Pharma and GP.

The Chittagong Stock Exchange also saw a positive trend till then with its All Shares Price Index (CASPI) gaining 6.39 points to reach at 11,243 and the Selective Categories Index (CSCX) gaining 4.0 points to finish at 6,812 at 11:00am

Of the issues traded till then, 8 gained, 5 declined and 28 remained unchanged on the CSE with turnover of Tk 4.68 million.

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