Stocks post modest gains, snapping four-day losing streak

Stocks on both the bourses posted modest gains on Sunday, snapping a four-day losing streak, as some investors showed their buying binge on selective categories.

DSEX, the key index of the Dhaka Stock Exchange, went up by 8.12 points or 0.20 per cent to close at 3,961, after losing 107 points in the past four straight sessions.

Two other indices also edged higher. The DS30 index, comprising blue chips, advanced 6.49 points to finish at 1,327 and the DSE Shariah Index gained 2.62 points to close at 918.

Turnover, a crucial indicator of the market, remained low as total turnover stood at Tk 700 million on the country’s premier bourse, rising 63 per cent over the last session’s turnover of Tk 430 million – lowest in 13 years.

Market analysts said growing tension over the impacts of COVID-19 outbreak remained in the investors’ mind as deaths and the number of new cases rose rapidly in recent days in the country.

A leading broker said that the current floor price limitation is also impeding many investors’ willingness of liquidating their portfolios which is resulting in low turnover in the market.

The recently introduced circuit break displeased many investors as most of the shares were stuck at the floor. Very few buyers came and picked some of the offered shares.

Of the issues traded, 256 remained unchanged while only 18 issues advanced and 19 declined on the DSE trading floor today (Sunday).

A total number of 12,223 trades were executed in the day’s trading session with a trading volume of 19.87 million shares and mutual fund units.

The market-cap of the DSE also advanced to Tk 3,102 billion, from Tk 3,099 billion in the previous session.

Square Pharma topped the turnover chart with shares worth Tk 97 million changing hands, followed by Grameenphone, Central Pharma, Beximco Pharma and Linde Bangladesh.

Central Pharma was the day’s best performer, posting a gain of 9.91 per cent while Dulamia Cotton Mills was the worst loser, losing 4.56 per cent.

The Chittagong Stock Exchange also edged higher with its All Shares Price Index (CASPI) gaining 23 points to close at 11,260 and the Selective Categories Index (CSCX) advancing 14 points to finish at 6,822.

Of the issues traded, 15 gained, 16 declined and 59 remained unchanged on the CSE.

The port city bourse traded 2.53 million shares and mutual fund units worth Tk 98 million in turnover.

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