The Financial Express

Stocks manage some gains after four-day slump

DSE turnover remains below Tk 10b for seven-session

| Updated: November 24, 2020 19:50:48

Evaly and Fianancial Express Evaly and Fianancial Express
Stocks manage some gains after four-day slump

Stocks posted a marginal gain on Tuesday, snapping a four-day losing streak, as bargain hunters showed their buying binge on sector-specific issues.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 10.83 points or 0.22 per cent to settle at 4,833, after losing 84 points in the past four straight sessions.

Market operators said bargain hunters were active on the sector-specific stocks after ending the biggest initial public offerings subscription.

The subscription of the biggest IPO in the history of Bangladesh -- Robi Axiata – ended on Monday which eased some selling pressure in the market later part of the session, said a merchant banker.

The recent downward trend sent the share prices of more than 80 companies to their floor prices level which also encouraged some investors to take a fresh position on lucrative stocks, said a merchant banker.

However, turnover remained sluggish as many investors followed a cautious stance amid the rising trend of Covid-19 infections and death in the past few days, he said.

Top positive index contributors of the market were Beximco Pharma, Grameenphone, National Life Insurance, British American Tobacco, and Square Pharma, according to data from amarstock.com, a stock market data analyst.

Two other indices also edged higher. The DS30 index, comprising blue chips, gained 3.54 points to finish at 1,674 and the DSE Shariah Index advanced 4.45 points to close at 1,112.

The daily trade turnover on the DSE, however, rose to Tk 6.71 billion, which was 8.05 per cent higher than the previous day’s turnover of Tk 6.21 billion.

Gainers took a strong lead over the losers as out of 349 issues traded, 179 closed higher, 71 lower and 99 issues remained unchanged on the DSE trading floor.

A total number of 127,756 trades were executed in the day’s trading session with a trading volume of 220.26 million shares and mutual fund units.

The insurance sector dominated the turnover board as seven out of the top 10 turnovers belong to the insurance sector.

Beximco Pharma continued to dominate the turnover chart with 2.82 million shares worth Tk 413 million changing hands, followed by Nitol Insurance, Continental Insurance, Northern Insurance and ADN Telecom.

AB Bank 1st Mutul Fund was the day’s best performer, posting a gain of 10 per cent while United Airways was the worst loser, losing 6.66 per cent.

The Chittagong Stock Exchange also returned to the gaining streak with its All Shares Price Index (CASPI)—advancing 63 points to close at 13,870 while the Selective Categories Index – CSCX gaining 38 points to close at 8,355.

Of the issues traded, 129 advanced, 52 declined and 54 remained unchanged on the CSE.

The port city bourse traded 7.17 million shares and mutual fund units with a turnover value of more than Tk 224 million.

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