The Financial Express

Stocks edge higher after a single-day break

SBAC Bank makes stellar trading debut

| Updated: August 13, 2021 09:57:30

Stocks edge higher after a single-day break

Stocks edged marginally higher on Wednesday, after a single-day break, as investors were active on both sides of the trading fence.

Meanwhile, South Bangla Agriculture & Commerce Bank (SBAC) made a flying trading debut on Wednesday as its share price rose 10 per cent to close at Tk 11 each -- the highest allowable limit, from its issue price of Tk 10.

The market moved between positive and negative several times on Wednesday as the shaky investors tried to book profits while bargain hunters remained in the buying mood.

DSEX, the prime index of the DSE, went up by 5.48 points or 0.08 per cent to settle at 6,623, after losing 10.30 points in the previous day.

Two other indices also edged higher with the DSE 30 Index, comprising blue chips, advanced 13.55 points to finish at 2,397 and the DSE Shariah Index (DSES) rose 1.60 points to close at 1,444.

Market analysts said investors showed buying appetite on the selective large-cap issues amid optimism, owing to the reopening of the economy and revival of some specific sectors’ activity.

However, a section of investors preferred booking profits as the market indices reached a historical high two days earlier, they said.

Turnover, a crucial indicator of the market, fell to Tk 22.12 billion, which was 22 per cent lower than the previous day’s tally of Tk 28.40 billion.

Losers took a strong lead over the gainers, as out of 376 issues traded, 236 declined, 111 advanced and 29 issues remained unchanged on the DSE trading floor.

Beximco - the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth Tk 2.0 billion changing hands.

Debutant SBAC Bank was the day’s top gainer hitting the upper limit circuit breaker with a 10 per cent rise, while Nurai Dyeing was the worst loser, losing 6.60 per cent.

However, the Chittagong Stock Exchange (CSE) edged lower with the CSE All Share Price Index – CASPI –losing 4.23 points to settle at 19,277 and the Selective Categories Index – CSCX shedding 3.0 points to close at 11,563.

Of the issues traded, 195 declined, 94 advanced and 29 issues remained unchanged on the CSE.

The port city’s bourse traded 41.68 million shares and mutual fund units with a turnover value of Tk 881 million.

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