Stocks end higher owing to eased selling pressure ahead of eid

Stocks ended higher on Thursday as selling pressure eased ahead of the Eid-ul-Fitr holiday.

The stock market will remain closed for a full week in observance of Eid-ul-Fitr, with the holiday running from March 30 to April 3.

The Dhaka Stock Exchange (DSE) held its final trading session before the break on March 27.

The DSE's prime index gained 4.95 points, closing at 5,219.

The benchmark index of the Dhaka Stock Exchange (DSE) extended its winning streak to three consecutive sessions in the final trading day before the Eid holiday, as investors showed interest in select large-cap stocks despite prevailing market caution, according to EBL securities.

The blue-chip index DS30, comprising 30 leading companies, decreased by 3.38 points to 1,914.69, while the DSES Index, representing Shariah-compliant companies, increased by 0.07 points to 1,168.11 by the close.

Turnover, a crucial indicator of the market, stood at Tk 3.15 billion, down 18.5 per cent from the previous trading day.

The market opened on a positive note, briefly pushing the index to an intraday high of 5,229. However, selling pressure emerged as some investors booked short-term profits from recently appreciated stocks, leading to some volatility. Despite this, the index managed to stay in positive territory as portfolio rebalancing ahead of the quarter-end supported buying activity according to EBL securities.

The majority of the stocks saw a price increased, as out of the 397 issues traded, 178 closed higher, 148 ended lower, and 71 remained unchanged on the DSE trading floor.

Sector-wise, pharmaceutical 19.1 per cent recorded the highest turnover, followed by Banks 10.8 per cent and Food 10.6 per cent.

Sectoral performance was mixed, with Mutual Funds 2.2 per cent, Paper 2.2 per cent, and Ceramic 2.2 per cent posting the highest gains, while Travel -0.8 per cent, Financial Institutions -0.8 per cent, and IT -0.6 per cent saw the biggest corrections.

Beximco Pharmaceuticals was the most-traded stock with shares worth Tk 151.77 million changing hands, followed by Orion Infusion, Shinepukur Ceramics, Beach Hatchery and Taufika Foods and Lovello Ice-cream.

The Chittagong Stock Exchange (CSE) ended down with its All Share Price Index (CASPI) decreasing 16.67 points to settle at 14541 and the Selective Categories Index (CSCX) decreasing 11.04 points to settle at 8843.

The port city bourse traded 2.61 million shares and mutual fund units with a turnover volume of Tk 71.31 million.

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