Published on 12:00 AM, September 23, 2022

Stocks gain, yet less than the average

Stocks in Bangladesh made a low gain yesterday compared to what they would on an average day, with most struggling to draw buyers amid sparse participation of investors. 

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), edged up 12 points, or 0.19 per cent, from what was in the preceding day to 6,564.

The DS30, the index that consists of blue-chip companies, edged down 0.38 per cent to 2,365 points while the DSES, the Shariah-compliant index, went up 0.02 per cent to 1,436 points.

Turnover of the DSE fell 7.85 per cent to Tk 1,666 crore. Among the tradable stocks, 131 advanced, 78 declined and 166 remained the same.

Some investors were active on both sides of the trading fence throughout the week anticipating corporate declarations in the coming months for the fiscal year which ended last June, said a top official of a stockbroker.

As some stocks had advanced in the last few days, some investors cashed in profits by selling shares while others availed stakes hoping for worthwhile dividend declarations from the listed companies, he said.

However, one this was common and apparent in the market -- most investors are striving to get their hands on certain stocks which are based on low paid-up capital, said the official.

Stocks with good performance records are still struggling to gain investors as the latter are mainly hooked on logging capital gains in the quickest possible time by trading shares, he added.

The Dhaka stocks edged into the black after a bumpy ride as buoyant investors put fresh bets on large-cap issues, said International Leasing Securities in its daily market review.

Though a bullish trend prevailed in the morning session, the stocks went down past midday due to pressure stemming from cautious investors intending to make sales, it said.

However, the market later on went back into the black, a reversal from the last two days' corrections, it added.

Among the sectors, travel rose 7.5 per cent, IT 6.1 per cent and service 3.7 per cent while jute dropped 3.1 per cent, cement 0.9 per cent and pharmaceuticals 0.7 per cent.

Investors' activities, as indicated by the turnover, were mostly centred on pharmaceuticals, miscellaneous and fuel and power.

Associated Oxygen topped the gainers' list, advancing 10 per cent. The Peninsula Chittagong, ADN Telecom, Fareast Islami Life Insurance Company and Lub-rref (Bangladesh) also rose by over 9 per cent.

Jute Spinners suffered the highest correction, sliding down 7.98 per cent. Kohinoor Chemical Company (Bangladesh), International Leasing and Financial Services, Orion Infusion, and Union Capital also decline by more than 4 per cent.

The Caspi, the all-share price index of Chittagong Stock Exchange, went up 25 points, or 0.13 per cent, to end the day at 19,344.

Of the issues that were traded on the bourse in the port city, 91 advanced, 63 declined and 107 did not show any price movement.