Stocks rise amid dull trading
11 March 2015, Nirapad News: Stocks closed marginally higher Tuesday after previous session’s flat movement as investors went for buying spree on large-cap stocks despite no improvement in the political front.
The market opened with a positive note which sustained throughout the session amid modest see-saw. DSEX, the prime index of the Dhaka Stock Exchange (DSE) went up by 23.07 points or 0.49 per cent to close at 4,649.30 points.
The two other indices also closed in green. The DS30 index, comprising blue chips gained 15.24 points or 0.88 per cent to close at 1,729.90 points. The DSE Shariah Index (DSES) rose 10.00 points or 0.90 per cent to close at 1,115.75 points.
However, participation from investors remained poor and the total turnover amounted to Tk 2.55 billion, registering a decline of 8.60 per cent over the previous session’s value of Tk 2.79 billion.
The investors’ attention was mostly focused on engineering, power and pharma – the sectors that accounted for 17.8 per cent, 14.4 per cent and 14.1 per cent of the day’s total turnover respectively.
“Recent banishing momentum in stock market has created some stimulus for undervaluation, in which the opportunist investors might have started to take position,” said International Leasing Securities in an analysis.
However, the investors’ remained cautious and activity did not improve amid the gloomy economic outlook, said the International Leasing Securities.
LankaBangla Securities: “Market continued to see buying interest, rising 0.49 per cent in continuation of previous session”.
“Though the BNP-led 20-party alliance has relaxed its strike for 12-hour, indication of extension of countrywide halt kept the market sentiment subdued with little impact on equity market” said the stock broker.
IDLC Investments said: “Market appreciated by 23 points, while the nation found a breathing space following temporary ease in political deadlock”. “Majority of the investors remained pessimistic, refraining from trading activities, keeping turnover low to Tk 2.55 billion”.
Among the major sectors, cement led the market with 5.58 per cent gain in market capitalization, while food and allied, power, tannery and telecommunication advanced by 0.6 per cent, 0.06 per cent, 1.48 per cent and 0.48 per cent respectively.
However, banking stocks dragged down by 0.31 per cent and NBFI lost market capitalization by 0.62 per cent.
The losers took a modest lead over the gainers as out of 304 issues traded, 140 declined and 110 advanced while 54 remained unchanged on the DSE floor.
Activities decreased in the major bourse where volume and trade were down by 9.19 per cent and 19.27 per cent. A total number of 0.079 million trades were executed with trading volume of 56.67 million securities.
The market capitalisation on DSE stood at Tk 3,171.04 billion against Tk 3,156.59 billion in the previous session.
Shahjibazar Power Company continued to top the turnover chart with shares worth Tk 148.26 million changing hands followed by Square Pharma, IFAD Autos, Lafarge Surma Cement and Shasha Denims.
IFAD Autos was the day’s top gainer, posting a rise of 6.67 per cent while IDLC Finance was the worst loser, plunging by 23.40 per cent following its price adjustment after record date.
The port city bourse, Chittagong Stock Exchange (CSE), however, closed in red with its Selective Categories Index – CSCX – lost 4.56 points to close at 8,614.15 points.
Losers beat gainers 106 to 88, with 27 issues remaining unchanged at the port city bourse that traded 6.95 million shares and mutual fund units, turnover value of Tk 255.74 million.