DSEX edges up on rise of selective stocks

Stocks ended slightly higher on Tuesday, as investors showed interest in some large-cap scrips. The prime index of the Dhaka Stock Exchange (DSE) rose 7 points to 5,143.13.

The benchmark index of the Dhaka bourse managed to stay afloat following consecutive downbeat sessions, owing to investors' buying interest in particular large-cap scrips, while overall market sentiment remained subdued, according to EBL securities.

The blue-chip index DS30, a group of 30 prominent companies, saw a 2.44 -point decline to 1894.30, while the DSES Index, which represents Shariah-based companies, experienced a 1-point increase to 1,148.51.

Turnover, a crucial indicator of the market, was Tk 3.60 billion, up 3.20 per cent from the previous trading day.

The market volatility persisted throughout the session as cautious investors shied away from taking positions in equities amid uncertainties over the market outlook. However, selling pressure somewhat eased after a prolonged downward trend, while subtle price appreciation of sector specific issues provided cushion to the ailing market, said EBL securities.

A majority of the stocks saw price erosion. Out of the 398 issues traded, 119 closed higher, 200 ended lower, and 79 remained unchanged on the DSE trading floor.

NRB Bank was the most-traded stock with shares worth Tk 202.02 million changing hands, followed by Midland Bank, Agni Systems, Bangladesh Shipping Corporation, and Taufika Foods and Lovello Ice-cream.

The Chittagong Stock Exchange (CSE) edged down, with its All Share Price Index (CASPI) decreasing 63.8 points to 14,332 points and the Selective Categories Index (CSCX) losing 38.1 points to 8,728 points.

The port city bourse saw trading in 2.55 million shares and mutual fund units with a turnover volume worth Tk 75.01 million.

Meanwhile, the un-adjusted floor price of Beximco raised questions among market operators.

The company recommended a 5 per cent stock dividend for the year ended in June this year. Tuesday was the company's post record date. The company's floor price has not been withdrawn yet by the regulator.

As per the rules, the floor price of a listed security shall be revised down immediately after the record date on the basis of corporate actions relating to stock dividends or rights issues.

But Beximco's floor price of Tk 115.60 per share remained unchanged on Tuesday.

The company's adjusted floor price was supposed to be Tk 110.10 per share, according to market operators.

Asked, spokesperson of the securities regulator Md Rezaul Karim said the exchange might not have followed the rules set for the adjustment of floor price.

"The regulator will examine the matter and take measures accordingly so that investors don't get affected," he added.

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