Stocks snap week-long losing streak

Market closes up after 7 red sessions
Market closes up after 7 red sessions

Stocks snap week-long losing streak

Stocks broke the seven-day losing streak on Thursday after high volatility, but turnover fell to three months low, as investors were reluctant to make fresh investments in the market.

The market moved between positive and negative several times before closing higher.

After witnessing volatility, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 55.61 points or 0.79 per cent to finish at 7,076, after losing more than 347 points in the past seven trading days.

Two other indices also closed higher. The DS30 index, comprising blue chips, advanced 43.28 points to close at 2,699. The DSE Shariah Index (DSES) rose 13.24 points to finish at 1,518.

Turnover, the most important indicator of the market, also fell to three months low to Tk 13.11 billion, registering a decline of 22 per cent over the previous day.

Market analysts said investors were mostly inactive and not confident enough to put in fresh funds, taking the market turnover to three months low.

A total number of 176,258 trades were executed in the day’s trading session with a trading volume of 272.95 million securities.

The total market capitalisation of the DSE stood at Tk 5.698 trillion, up from Tk 5.668 trillion in the previous trading session.

Losers, however, took a modest lead over the gainers, as out of 374 issues traded, 179 closed lower, 153 higher and 42 remained unchanged on the DSE trading floor.

Beximco topped the day’s turnover chart with 18.86 million shares of Tk 2.86 billion changing hands, followed by IFIC Bank (Tk 645 million), NRB Commercial Bank (Tk 593 million), Delta Life Insurance (Tk 532 million) and Orion Pharma (Tk 519 million).

NRB Commercial Bank was the day’s top gainer, posting a gain of 9.84 per cent while Mithun Knitting was the day’s worst loser, plunging by 7.18 per cent.

The Chittagong Stock Exchange (CSE) also rebounded on gaining streak with the CSE All Share Price Index – CASPI –rising 172 points to settle at 20,693 and the Selective Categories Index – CSCX – gaining 106 points to close at 12,433.

Of the issues traded, 132 declined, 114 advanced and 27 remained unchanged on the CSE trading floor.

The port city’s bourse traded 12.29 million shares and mutual fund units with turnover value of Tk 418 million.


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