Stocks post modest gain after single-day break

Stocks posted a marginal gain on Monday, after a single-day break, as the bargain hunters put fresh funds on sector-specific issues following the news of the upcoming coordination meeting.

The market opened higher and the positive trend continued until the end of the session amid modest volatility in the mid-session.

DSEX, the key index of the Dhaka Stock Exchange, went up by 16.61 points or 0.24 per cent to settle at 6,758, after losing over 11 points in the previous day.

Two other indices also edged higher. The DSE 30 Index, comprising blue chips, advanced 5.15 points to finish at 2,468 and the DSE Shariah Index (DSES) gained 7.39 points to close at 1,465.

Turnover, the crucial indicator of the market, stood at Tk 9.24 billion, which was 7.70 per cent higher than the previous day’s tally of Tk 8.58 billion.

Market insiders said the securities regulator’s decision to hold a coordination meeting with the market intermediaries to discuss how to increase liquidity supply in the equity market, prompted investors to put in fresh funds.

As part of its measures to prop up the capital market, the Bangladesh Securities and Exchange Commission (BSEC) sent letters to the market intermediaries inviting them to the meeting scheduled for Wednesday.

The stock market regulator recently also wrote to several banks to invest in stocks in the existing capacity to support the market and development of the capital market.

However, many investors remained shaky about making fresh investments in stocks amid the rising cost of living and potential adverse impacts on the country’s economy due to the ongoing Russia-Ukraine war, said a leading broker.

Gainers took a modest lead over the losers as out of 379 issues traded, 176 advanced, 153 declined and 50 remained unchanged on the DSE trading floor.

Beximco continued to top the turnover list with shares worth Tk 486 million changing hands, followed by LafargeHolcim Bangladesh (Tk 464 million), Fortune Shoes (Tk 391 million), Genex Infosys (Tk 382 million), and BDCOM Online (Tk 347 million).

Bangladesh Lamps was the top gainer, posting a 8.75 per cent gain, while Khulna Power Company was the day’s worst loser, losing 2.0 per cent.

The Chittagong Stock Exchange (CSE) also edged higher with the CSE All Share Price Index – CASPI –gaining 18 points to settle at 19,789 and the Selective Categories Index – CSCX – rising 9.0 points to close at 11,871.

Of the issues traded, 140 declined, 110 advanced and 45 issues remained unchanged on the CSE.

The port city’s bourse traded 34.51 million shares and mutual fund units with a turnover value worth over Tk 783 million.

[email protected]