Stocks gain slightly on bargain hunting
Image: Bizbangladesh.net
Dhaka stocks on Tuesday gained slightly, after two days of fall, as investors went for bargain hunting targeting some sector-specific scrips.
DSEX, the prime index of the Dhaka Stock Exchange, increased by 0.25 per cent, or 12.93 points, to close at 5,178.70 points on Tuesday after losing 71.08 points in the previous two sessions.
Market operators said that investors on Tuesday went for bargain hunting targeting scrips of telecommunication, pharmaceutical and chemical and engineering sectors.
They said that although the DSEX closed in the positive zone, there was volatility at the market with repeated ups and downs of the index.
Some investors continued to remain cautious on Tuesday over rising defaulted loans in the banking sector that had resulted in a heavy fall of the DSEX on Monday.
Due to the cautiousness, share prices of the majority of the scrips fell on Tuesday.
Market operators said a 2.39-per cent surge in the share prices of Grameenphone, which is the largest capitalised scrip at the market, helped the DSEX end in the positive zone.
Out of the 343 scrips traded, 174 declined, 122 advanced and 47 remained unchanged.
Turnover on the bourse, however, increased further to Tk 467.77 crore on Tuesday from Tk 447.16 crore on Monday, because of increased participation of investors on the trading floor.
EBL Securities in its daily market update said, ‘The capital bourse of the country bounced back after two days of correction mood amidst improved participation from the investors.’
‘The market regained momentum as investors kept on taking fresh positions on their portfolios at the current lucrative price level. The positive vibe was triggered by investors’ buying pressure on sector specific stocks especially from telecommunication, pharmaceuticals and chemicals, and food and allied sectors,’ it said.
Among the sectors, telecommunication rose by 2 per cent, pharma 1.3 per cent, food 1.6 per cent and engineering 0.8 per cent.
The bank sector declined by 0.3 per cent, non-bank financial institution 0.4 per cent, general insurance 1.1 per cent, and fuel and power 0.6 per cent.
DS30, the blue-chip index of the DSE, advanced by 0.52 per cent, or 9.47 points, to close at 1,829.14 points.
DSE Shariah index DSES gained 0.44 per cent, or 5.28 points, to close at 1,198.34 points.
Square Pharma led the turnover chart with its shares worth Tk 14.17 crore changing hands.
Silco Pharmaceuticals, Runner Auto, United Power Generation Company, Bangladesh Shipping Corporation, Beacon Pharma, Monno Ceramics, SS Steel, Indo Bangla Pharma, and JMI Syringe were the other turnover leaders.
SS Steel gained the most on the day with a 7.69-per cent increase in its share prices while SEML FBLSL Growth Fund was the worst loser, shedding 9.78 per cent.
The board of directors of the DSE on Tuesday decided to extend the suspension period for trading of shares of Peoples Leasing and Financial Services, which will be liquidated, for further 15 days effective from August 28, 2019.
Source: https://www.newagebd.net
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