Stocks snap losing streak after three days
FE Online Report | October 30, 2019
Stocks posted marginal gain on Wednesday, snapping a three-day losing streak, as bargain hunters showed their appetite on large-cap shares.
Analysts said the market edged up as the optimistic investors took position on stocks that saw sharp correction in the recent market erosion
Positive support of institutional investors including state-run Investment Corporation of Bangladesh (ICB) also played a vital role to close the in the positive note, said a leading broker.
The market opened on positive note and the upturn sustained until end of the session with some volatility in the first hour of trading.
At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 12.45 points or 0.26 per cent to settle at 4,683, after losing102 points in the past three sessions.
The DSE Shariah Index also gained 4.68 points to close at 1,072. However, the DS30 index, comprising blue chips, fell 4.02 points to finish at 1,631.
Turnover, another important indicator of the market, stood at Tk 3.47 billion, which was 3.0 per cent lower than the previous day’s turnover of Tk 3.58 billion.
The gainers took a strong lead over the losers as out of 352 issues traded, 204 closed higher, 105 ended lower and 43 issues remained unchanged on the DSE trading floor.
A total number of 120,942 trades were executed in the day’s trading session with trading volume of 111.43 million securities.
The market capitalisation of the DSE also rose to Tk 3,557 billion on Wednesday, from Tk 3,551 billion in the previous session.
Stylecraft topped the turnover chart with shares worth Tk 268 million changing hands, following its corporate declaration news, followed by National Tubes, Standard Ceramic, Monno Jute Stafflers and Sonar Bangla Insurance.
The Stylecraft was the day’s best performer, posting a gain of 28.60 per cent while BD Finance was the day’s worst loser, plunging by 8.73 per cent.
The port city bourse, Chittagong Stock Exchange, also ended higher with its CSE All Share Price Index – CASPI -advancing 92 points to settle at 14,276 and the Selective Categories Index – CSCX –gaining 54 points to finish at 8,681.