7 days ago

Stock turnover dips below Tk 5.0b mark

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Stocks edged up on Thursday, snapping a two-day losing streak, as investors chased after some beaten-down stores, taking advantage of the recent correction in the market.

However, turnover dropped below Tk 5.0 billion-mark and amounted to Tk 4.84 billion, 20 per cent lower than the previous day.

After witnessing volatility, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 6.87 points or 0.11 per cent to settle at 6,220 after losing 30 points in the past two days.

Market insiders said the investors showed their buying interest in sector-specific issues, which they deemed as lucrative at the prevailing market prices in anticipation of quick gains.

Investors are chasing short-term gain opportunities as their willingness to take long-term positions in equities has weakened in the absence of a major trigger for the market to return to a persistent positive momentum.

However, cautious investors are being watchful and squeezed liquidation opportunities due to price restrictions. As a result, turnover dropped below Tk 5.0 billion mark.

Most of the issues remained unchanged due to floor price as 314 issues traded, 56 closed lower, and 50 advanced and 208 remained unchanged.

Rupali Life Insurance became the turnover leader, with shares of Tk 309 million changing hands, followed by Sea Pearl Beach Resorts, Olympic Industries, Bangladesh Shipping Corporation and ADN Telecom.

Monno Agro & General Machinery was the day’s top gainer, soaring 5.26 per cent rise, while Meghna Life Insurance was the worst loser, losing 5.85 per cent.

The Chittagong Stock Exchange (CSE) also edged higher, with the CSE All Share Price Index – CASPI –rising 3 points to settle at 18,353 and the Selective Categories Index – CSCX gaining 2 points to close at 11,001.

Of the issues traded, 31 declined, 20 advanced, and 90 issues remained unchanged on the CSE.

The port city’s bourse traded 1.96 million shares and mutual fund units with a turnover value of Tk 146 million.

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