Stocks open positive, turnover remains sluggish
Stocks opened on a positive trend on Tuesday, after a big fall in the previous day, but turnover remained sluggish.
Following the previous day’s sharp decline, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 36.17 points or 0.52 per cent to stand at 6,921 points within the first 30 minutes of trading at 10:30am.
On Monday, DSEX plunged more than 120 points or 1.71 per cent, the biggest single-day slide in around seven months as panic gripped investors.
Two other indices also saw a rising trend till then. The DS30 index, comprising blue chips, rose 10.76 points to stand at 2,655 and the Shariah Index (DSES) gained 5.39 points to stand at 1,470 points till then.
Turnover, another important indicator of the market, however, was very low and amounted to only Tk 1.62 billion within the first 30 minutes of trading at 10:30am.
Trading activities remained low as small investors are not confident enough to invest fresh funds on stocks amid recent steep corrections, according to a stockbroker.
Of the issues traded till then, 249 advanced, 48 declined and 45 issues remained unchanged on the DSE trading floor till then.
Delta Life Insurance was the most traded stock till then with shares worth Tk 170 million changing hands, closely followed by Beximco, Orion Pharma, Genex Infosys and Fortune Shoes.
The Chittagong Stock Exchange also opened higher with its All Shares Price Index (CASPI)—gaining 20 points to stand at 20,189 while the Selective Categories Index – CSCX advanced 11 points to reach at 12,135, also at 10:30am.
Of the issues traded till then 68 advanced, 32 declined and 11 remained unchanged with Tk 42 million in turnover.