Dhaka stocks gain after 2-day drop

An archive photo shows the Dhaka Stock Exchange building in Nikunja in the capital, Dhaka. – Photo New Age

Dhaka shares gained Tuesday after falling in the previous two sessions, but stock market turnover plunged as many investors remained cautious amid a downtrend in the market.

DSEX, the key index of the Dhaka Stock Exchange, rose 0.3%, or 20.7 points, to close at 6,757.25 points on Tuesday after losing 131.61 points in the previous two sessions.

The market started off on an uptrend, gaining 48 points within half an hour of Tuesday’s session, but the push slowed down at the end and ended with a marginal gain as investors were active on both sides. of the trade barrier, market operators said.

They said that although the market ended on a positive trajectory, the overall market remained gloomy due to prolonged volatility in the market.

DSE revenue fell to Tk 652.01 crore on Tuesday from Tk 786.21 crore in the previous session.

Tuesday’s revenue was the lowest after April 18 this year, when it stood at Tk 602.76 crore.

Recent moves in the market have confused investors and as a result most of them have not been able to make any investment decisions, market operators said.

Many investors, especially institutional investors, continued to sell stocks ahead of the financial close in late December, they said.

The market has been struggling since September 9 due to a standoff between the Bangladesh Bank and the Bangladesh Securities Commission over issues related to the stock market, market operators said.

Among the leading companies, falling stock prices of BEXIMCO, BRAC Bank, Beximco Pharmaceuticals and LafargeHolcim Bangladesh contributed the most to Tuesday’s gain.

The share prices of a number of smaller companies, including Tamijuddin Textile Mills, Fine Foods, Sonali Aansh Industries and Hakkani Pulp & Paper Mills, soared that day.

DS30, a composition of 30 large-cap companies, added 0.38%, or 9.85 points, to close at 2,538.51 points that day.

Of the 377 scripts traded on the DSE on Tuesday, 176 fell, 147 advanced and 55 remained unchanged.

The DSES Sharia Index rose 0.27%, or 3.88 points, to 1,436.63 points.

BEXIMCO topped the turn-around table with its shares valued at Tk 102.44 crore changing hands that day.

One Bank, Eastern Lubricant, IFIC Bank, GSP Finance, SAIF Powertec, Beximco Pharmaceuticals, Sonali Paper, Sena Kalyan Insurance and Pharma Aid were the other top revenue leaders for the day.

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