Stocks end higher on govt move

Stocks ended higher on Thursday, as investors' buying interest remained prevalent, riding on optimism over media reports of an anticipated Tk 30 billion sovereign-guaranteed loan to ICB.

The prime index of the Dhaka Stock Exchange (DSE) increased 39.31 points to settle at 5,355.

The benchmark index of the capital bourse sustained its positive momentum over the media reports on the sovereign-guaranteed loan to ICB, which somewhat helped restore market confidence, though late-session profit-taking trimmed most of the early gains amid ongoing market uncertainty, according to EBL securities.

The blue-chip index DS30, a group of 30 prominent companies, saw a 14.20-point increase to 1986.41, while the DSES Index, which represents Shariah-based companies, saw a 4.57-point increase to 1,184.95 till the end.

Turnover, a crucial indicator of the market, stood at Tk 5.76 billion, up 20.10 per cent from the previous trading day.

The market observed a topsy-turvy swing as the core index observed an uptrend till the mid-session, with the intraday DSEX crossing the 5,400 mark, while the subsequent sell pressure from risk-averse investors dragged down the indices again that eroded most of the early gains, said the EBL Securities.

The majority of the stocks saw a price increase, as out of the 386 issues traded, 258 closed higher, 83 ended lower, and 45 remained unchanged on the DSE trading floor.

Bangladesh Shipping Corporation was the most-traded stock with shares worth Tk 219.51 million changing hands, followed by MJL Bangladesh PLC, Jamuna Bank PLC, Beximco Pharmaceuticals Ltd, MJL Bangladesh PLC, and Islami Bank Bangladesh PLC.

The Chittagong Stock Exchange (CSE) also ended up with its All Share Price Index (CASPI) increasing 98.90 points to settle at 14880 and the Selective Categories Index (CSCX) gaining 60.29 points to settle at 9063.

The port city bourse traded 3.07 million shares and mutual fund units with a turnover volume of Tk 91.03 million.

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