Bourses post marginal gains amid low turnover
Sunbd Desk || Published: 2020-06-24 15:33:55 || Updated: 2020-06-24 15:33:55
Turnover at the DSE decreased by 25 percent, to Tk54.1 crore, on Wednesday – from Tk72 crore in the previous session
Stocks posted marginal gains on Wednesday but turnover declined as worries over the pandemic situation and the floor price mechanism have discouraged investors from participating actively.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), advanced 1.5 points, or 0.04 percent, to close the day at 3,964.8.
The Shariah-based DSES index also inched up 0.4 points, or 0.04 percent, to settle at 918.6. Meanwhile, the blue-chip index DS30 went up a point, or 0.07 percent, to stand at 1,327.
Caspi – the benchmark index of the Chittagong Stock Exchange – gained 8 points, or 0.07 percent, to close at 11,256.
The market displayed a flat session on the intraday performance graph on Wednesday, but posted a sharp gain during the last half hour of trade.
According to the Daily Market Review of EBL Securities Ltd, “The market continued to extend the dull period because of the growing fears of investors over the worsening pandemic situation in the country.”
“The floor price system has also been holding investors back from making any investment in stocks,” it continued.
“However, few investors might make fresh moves after the media reported that 14 banks had formed special funds involving around Tk1,700 crore for investing in the market,” added the review.
The jute sector witnessed the highest price correction of 0.8 percent on the sector return board on Wednesday. On the other hand, general insurance, fuel and power, plus the engineering sectors all posted a highest price appreciation of 0.1 percent.
Among the other large-cap sectors: pharmaceuticals, telecoms, banks, textiles and cement remained flat.
Turnover at the DSE decreased by 25 percent, to Tk54.1 crore, on Wednesday – from Tk72 crore in the previous session. Also, turnover at the port city bourse decreased by 62 percent from Tk30.4 crore to Tk11.6 crore.
The pharmaceuticals sector, once again, contributed the most, at 34.6 percent, to the total turnover value. It was followed by banking stocks at 29 percent and fuel and power stocks at 8.6 percent on the sector-wise turnover distribution board.
Al-Arafah Islami Bank Ltd topped the turnover chart with turnover value of Tk6 crore, closing the day at Tk14.7 per share. The stock was followed by Beximco Pharmaceuticals Ltd with a turnover value of Tk5.9 crore, closing the day at Tk63.6 per share.
Eastern Lubricants Ltd was the best performer on the gainers’ table, gaining 3.8 percent and closing at Tk951.2 per share.
Beximco Synthetics Ltd was the worst loser, shedding 8.6 percent and closing at Tk6.4 per share.
Of the 271 issues traded on Wednesday, 23 advanced, 15 declined and 233 remained unchanged on the DSE trading floor.
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