Stocks inch up for 2nd day amid pre-Eid cautious trading

Staff Correspondent | Published: 22:42, Jun 14,2017 | Updated: 00:23, Jun 15,2017


Dhaka stocks inched up for second day on Wednesday as some investors continued with bargain hunting buys while others reshuffled portfolios ahead of the Eid holidays.
The key index of Dhaka Stock Exchange, DSEX, added just 4.93 points, or 0.09 per cent, to stand at 5,459.72 points on Wednesday.
The core index added just 9.59 points in the last two trading sessions.
In line with the previous day, DSEX on the day pointed to little change at the open, with 10 points up within half-an-hour that did not sustain and immediately grounded to where it started from, closing 4.9 points up at the end.
The market inched up on the day as most of the stocks prices gained when lower prices of them coaxed a section of investors taking fresh position before June closing, stockbrokers said.
Investors were active on both the sides of the trading fence amid higher participation ahead of Eid holidays that resulted in flat ending on Wednesday, they said.
Some investors were busy with their portfolios adjustments with taking new positions on stocks considering the passage of budget on 29 June.
Moreover, state minister for finance, MA Mannan signaled on Tuesday that the excise duty on bank deposit would be reconsidered before finalising the budget motivated some investors to inject fresh fund into the market, they said.
On the other hand, a section of investors feared to keep their investment before Eid vacation as dullness in the market remains in this period, stockbrokers said.
Considering the Eid festival, the liquidation of fund by the retail investors also contributed to the recent downward market momentum, they said.
On the sectoral front, the rise in share prices of non-bank financial, textiles and cement stocks gave the market a positive ending.
Turnover, a major indicator of investors’ participation on the trading floor, increased to Tk 547.25 crore on the day against that of Tk 400.70 crore in the previous trading session.
‘The capital bourse of the country started the session with some positive vibe but in a short span the index started displaying volatility as investors considered booking profit over taking new positions,’ said EBL Securities in its market commentary.
DS30, the blue-chip index of the DSE, added just 0.02 per cent, or 0.50 points, to close at 2,027.14 points.
The Shariah index, DSES, however, fell 0.06 per cent, or 0.80 points, to close at 1,260.19 points.
Of the 326 companies and mutual funds traded, 160 advanced while 115 declined and 51 remained unchanged.
British American Tobacco led the turnover chart on Monday with its shares worth Tk 44.72 crore changing hands.
Central Pharmaceuticals, Paramount Textiles, Argon Denims, BD Finance, LankaBangla Finance, Active Finance, MJL Bangladesh, Aamra Technologies and CMC Kamal Textile Mills were the other turnover leaders.
Fine Foods Fund gained the most with a 7.26-per cent increase in its share price, while Yeakin Polymar was the worst loser, shedding 6.41 per cent. 

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