Dhaka stocks inch up after two-day fall

Staff Correspondent | Published: 00:02, Jun 16,2021


Dhaka stocks inched up on Tuesday after losing in the previous two sessions as a section of investors went for buying shares while some others remained cautious.

DSEX, the key index of the Dhaka Stock Exchange, added 0.14 per cent, or 8.7 points, to close at 6,022.31 points on Tuesday after losing 53 points in the previous two sessions.

The key index started rising from the very beginning of Tuesday’s session but slowed down at the end of the session as many investors went for profit taking, market operators said.

Investors were mostly active with the shares of insurance companies. Share prices of the general insurance sector soared by 4 per cent and logged 25 per cent of the day’s total turnover.

Investors kept buying shares of insurance companies heavily despite warnings voiced by market experts about possible manipulation with the shares, market operators said.

Besides, average share prices of engineering, non-bank financial institution and textile sectors advanced by 0.8 per cent, 0.7 per cent and 0.6 per cent respectively.

However, investors became concerned following the news that the DSE suspended trading operation of Banco Securities for shortfall of around Tk 60 crore in consolidated customer accounts and other anomalies.

EBL Securities in its daily market commentary said, ‘Investors were active on both sides of the fence on Tuesday. While certain sections of investors went for profit booking, other investors looked to take new positions on sector specific stocks. The finance bill 2021 may include the continuation of the special facility to legalise undisclosed money, which can have a positive impact on the market.’

Average share prices of bank and telecommunication sectors dropped by 1 per cent and 0.8 per cent respectively.

Trading of the shares of Paper Processing & Packaging Limited, Monno Fabrics Limited, Bangladesh Monospool Paper Manufacturing Co Limited and Tamijuddin Textile Mills Limited began on the main board of the DSE on Sunday again as the companies came out of the over-the-counter market.

Share prices all the four companies hit the upper limit of the circuit breaker for the second day on Tuesday.

Turnover on the DSE declined to Tk 1,740.16 crore on Tuesday from Tk 2,069.07 crore in the previous session.

The Bangladesh Securities and Exchange Commission on June 3 withdrew floor price restrictions on 30 more companies and set downward price change limit at the maximum 2 per cent.

Share prices of most of them declined for the eighth day on Tuesday.

Of the 366 scrips traded on the DSE on Tuesday, 152 advanced, 195 declined and 25 remained unchanged.

DS30, a composition of 30 large capitalised companies, also added 0.17 per cent, or 3.9 points, to close at 2,176.88 points on Tuesday.

Shariah index DSES dropped by 0.04 per cent, or 0.52 points, to settle at 1,284.06 points.

BEXIMCO led the turnover chart with shares worth Tk 96.6 crore changing hands on the day.

Pioneer Insurance, National Polymer, Pragati Insurance, Lub-rref Bangladesh, Green Delta Insurance, E-Generation, Mir Akhter, Northern Jute Manufacturing and Fortune Shoes were the other turnover leaders on the day.

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