Dhaka stocks inch up amid pre-elections jitters

Dhaka stocks inched up on Sunday, as gains were capped by investors’ cautious trading with the national election approaching.

But the turnover at Dhaka Stock Exchange plunged ahead of the 11th parliamentary polls scheduled for December 30.

DSEX, the key index of DSE, added 0.18 per cent, or 9.51 points, to close at 5,290.76 points on Sunday after losing 7 points in the previous two sessions.

The key index went through a rough session on the day with a few ups and downs but finished the session in the positive zone on heavy buying by a section of investors in late trading, market operators said.

They said the index gained in 10 sessions and fell in the equal number of sessions in November as investors were mostly watching the political developments in the country ahead of the national election.

Investors usually become watchful when the national election nears to avoid any losses due to any possible political instability, market operators said.

The turnover on DSE plunged to Tk 576.54 crore on Sunday compared with that of Tk 735.55 crore in the previous trading session.

Average share prices of miscellaneous, telecommunication, pharmaceutical and bank sectors dropped by 1.0 per cent, 0.61 per cent, 0.6 per cent and 0.1 per cent respectively.

‘The capital bourse of the country returned to winning streak after the previous session’s marginal correction with volatility following most of the investors adopting cautious stance on Sunday. Opportunity-hunter investors opted for position taking to rebalance their portfolios that caused the bourse close positive,’ said EBL Securities in its daily market commentary.

Stockbrokers said the market closed positive on Sunday as a section of investors went on making fresh investments with an expectation of better market after the national election.

Average share prices of textile, energy and non-bank financial institution advanced by 0.8 per cent, 0.7 per cent and 0.5 per cent respectively. The textile sector continued leading the turnover chart on Sunday by holding 31 per cent of the day’s turnover.
Of the 336 companies and mutual funds traded on Sunday, 181 advanced, 119 declined and 35 remained unchanged.

DSE blue-chip index DS30, however, dropped 0.32 per cent, or 6.08 points, to close at 1,855.47 points.

Shariah index DSES gained 0.23 per cent, or 2.84 points, to finish at 1,226.31 points. SK Trims led the turnover leaders with its shares worth Tk 20.77 crore changing hands.

United Power Generation Company, Saiham Cotton, Kattali Textile, Advent Pharmaceuticals, VFS Thread Dyeing, Khulna Power Company, Fortune Shoes, Shepherd Industries and Pacific Denims were the other turnover leaders.

Olympic Industries gained the most on the day with a 10-per cent increase in its share prices, while National Tubes was the worst loser, shedding 8.74 per cent.
Source: http://www.newagebd.net

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