Stocks edge up while turnover falls

Stocks in Bangladesh yesterday edged up for the fourth session in a row ahead of the upcoming Eid-ul-Fitr holiday while turnover dropped below the Tk 450-crore mark.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose six points, or 0.10 per cent, to close the day at 6,223 points.

The DS30, which represents blue-chip stocks, increased 0.10 per cent to 2,202 points while the DSES, an index comprised of shariah-compliant companies, advanced 0.06 per cent to 1,348 points.

The indices rose as bargain hunters showed buying interest in sector-specific stocks that recently witnessed correction, International Leasing Securities said in its daily market review.

Buoyancy in the travel, IT, life insurance and food sectors helped the benchmark index stay in green territory. However, some investors reshuffled their portfolios in the jute, services, tannery and paper sectors.

Among the sectors, travel rose 3.3 per cent, IT advanced 1.4 per cent and life insurance edged up 0.7 per cent while jute dropped 2 per cent and services fell 0.4 per cent.

The indices rose as bargain hunters showed buying interest in sector-specific stocks that recently witnessed correction, International Leasing Securities said

Investors' attention was mostly centred on the IT (20.2 per cent), food (20.1 per cent) and travel (11.5 per cent) sectors.

Of the traded securities, 48 advanced, 56 declined and 208 did not show any price movement. Turnover, an important indicator of the market's liquidity, fell 6 per cent to Tk 443 crore.

National Tea Company made the biggest gain with 7.48 per cent followed by City General Insurance with 6 per cent, Rangpur Dairy and Food Products with 4.9 per cent and Emerald Oil with 4.8 per cent.

Midland Bank topped the list of losers by shedding more than 9.48 per cent. Meanwhile, Legacy Footwear, Samata Leather Complex, Bengal Windsor Thermoplastics and Apex Tannery suffered substantial losses as well.

Unique Hotel was the most traded stock with shares worth Tk 36 crore being transacted. Aamra Networks, Rangpur Dairy and Food Products, Gemini Sea Food, and Orion Infusion were also among the top traded stocks.

On the other hand, stocks listed with the Chittagong Stock Exchange (CSE) fell slightly.

The CASPI, the all-share price index of the port city bourse, edged down by 1 point to end the trading session at 18,340 points.

Of the issues traded, 28 rose, 31 retreated and 55 did not see any price movement.

Turnover of the CSE fell 61 per cent to Tk 4.64 crore.