Dhaka stocks end 4-day losing streak on bargain hunting

Staff Correspondent | Published: 23:06, Jun 13,2017 | Updated: 01:04, Jun 14,2017


Dhaka stocks inched up on Tuesday after fall in the previous four days with the turnover remaining around Tk 400 crore as pre-Eid-ul-Fitr and June-closure centric investment sentiment continued to dominate the trading floor.
The key index of Dhaka Stock Exchange, DSEX, added just 4.66 points, or 0.08 per cent, to stand at 5,454.78 points on Tuesday after losing 50 points in the previous four trading sessions.
Stockbrokers said that the market managed to break four days’ losing streak on Tuesday mainly due to a section of investors’ bargain hunting during the first one hour of trading.
The market, however, lost the vibe afterwards as pre-Eid investment sentiment came into play, stockbrokers said.
Besides, usual sluggishness and downward market movement during the month of June ahead of adjustments of investments and realisation of profit for first half of the year by the banks and non-bank financial institutions was among other reasons behind recent market movement, stockbrokers said.
As the trading at DSE will be closed from June 23 on the occasion of Eid, liquidation of fund by the retail investors also contributed to the recent downward and sluggish market vibe, they said.
Some investors preferred to be on the sidelines as the market remained sluggish during Ramadan, the fasting month for the Muslims, stockbrokers said.
As a result, turnover, a major indicator of investors’ participation on the trading floor, remained around Tk 400 crore on the day against that of Tk 370 crore in the previous trading session.
‘The prime index started the session with positive tune and remained volatile throughout the day as some profit booking tendency was observed in regular interval,’ said EBL Securities in its market commentary.
DS30, the blue-chip index of the DSE, added just 0.09 per cent, or 1.92 points, to close at 2,026.64 points.
The Shariah index, DSES, however, fell 0.08 per cent, or 1.06 points, to close at 1,260.99 points.
Of the 331 companies and mutual funds traded, 141 advanced while 132 declined and 56 remained unchanged.
Like the previous two sessions, Paramount Textiles led the turnover chart on Monday with its shares worth Tk 26.48 crore changing hands.
BD Finance, MJL Bangladesh, LankaBangla Finance, Active Finance, United Commercial Bank, Beacon Pharmaceuticals, Mozaffar Hossain Spinning Mills and City Bank were the other turnover leaders.
ICB AMCL 2nd NRB Mutual Fund gained the most with an 8.49-per cent increase in its share price, while AB Bank was the worst loser, shedding 10.15 per cent. 

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