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Stocks inch up for 3rd day amid sluggish trading

Staff Correspondent | Published: 22:29, Jun 15,2017 | Updated: 01:30, Jun 16,2017

 
 

Dhaka stocks inched up for the third trading session on Thursday amid sluggish trading ahead of the June ending book-closure of financial institutions and Eid-ul-Fitr, one of the biggest religious festivals for the Muslims.
The key index of Dhaka Stock Exchange, DSEX, finished at 5,468.32 points, adding 0.15 per cent or 8.60 points.
Turnover on the bourse, however, dropped to Tk 530.15 crore compared with that of Tk 547.25 crore in the previous trading session.
In line with the previous two trading sessions, the market finished on the positive trajectory on Thursday as a section of investors continued buying shares at cheap following the recent market fall, stockbrokers said.
The price movement of the shares of 321 companies, however, was below 4 per cent, while the prices of only seven companies increased by more than 4 per cent, while the rest two declined by more than 4 per cent.
Stockbrokers said that the sluggish trade was mainly because of investors’ cautious participation on the trading floor ahead of Eid-ul-Fitr and the June book-closure of banks and other financial institutions.
The market usually remains sluggish before the June ending of financial institutions and Eid festival, resulting in investors’ cautious participation, they said.
Of the 330 companies and mutual funds traded, 150 advanced, 119 declined and 61 remained unchanged.
‘The index started with a positive momentum on Thursday, reaching 5,472 points during the first half of the trading session,’ said LankaBangla Investments in its market report.
‘However, it failed to maintain the position and dropped to 5,459 points level. After that index tried to move back to close at 5,468.33 points,’ it said.
Among the major sectors, pharmaceuticals, bank and engineering registered 0.36 per cent, 0.30 per cent, and 0.13 per cent positive movements respectively, said LankaBangla Securities.
DS30, the blue-chip index of the bourse, added 0.20 per cent, or 4.14 points, to close at 2,031.29 points on Thursday.
The Shariah index of the bourse, DSES, increased by 0.13 per cent, or 1.72 points, to finish at 1,261.91 points.
Paramount Textile led the turnover chart on the day with its shares worth Tk 21.34 crore changing hands.
Bangladesh Finance and Investment Company, Appollo Ispat Complex, Nurani Dyeing, Saif Powertec, Argon Denims, BDCOM Online, LankaBangla Finance, Keya Cosmetics and United Commercial Bank were the other turnover leaders.
National Tea Company gained the most on the day with a 7.50-per cent rise in its share price, while First Finance was the worst loser, shedding 9.32 per cent. 

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