Stocks rise slightly as recovery continues
The domestic stock market yesterday continued its slow recovery as investors are cautiously waiting to see which way the prime index of the Dhaka bourse may move.
"As the market has been volatile for the past few days, investors are waiting to see the next index movement," a stock broker said.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), edged up by 6 points, or 0.08 per cent to 7,011 yesterday.
If the market continues to rise from here, then general investors will increase their participation but if it drops, then they will either hold or sell their shares instead of buying new ones, he added.
The stock broker went on to say that investors often rearrange their portfolios after seeing the earnings and dividend declarations of various companies.
Several companies disclosed their earnings and dividends yesterday. Among them, Malek Spinning, National Tea, eGeneration, Energypac Power Generation, and ADN Telecom announced 10 per cent cash dividends.
Similarly, Premier Cement, Hwa Well Textiles and Tamijuddin Textiles announced 20 per cent cash dividends each while ACME Laboratories declared 25 per cent and Mir Akhter Hossain 12.5 per cent.
British American Tobacco Bangladesh (BATBC) announced 125 per cent interim cash dividends. However, Meghna Pet Industries and Meghna Condensed Milk declared no dividends.
Turnover at the DSE rose to Tk 1,497 crore yesterday, up from Tk 1,386 crore a day earlier.
Of the stocks to witness trade at the country's premier bourse, 180 advanced, 166 declined and 29 remained unchanged.
Among major sectors, general insurance, tannery and banks experienced price appreciation while food and allied, IT and non-banks faced correction, according to UCB Stock Brokerage.
Olympic Accessories topped the gainers list, rising 10 per cent, followed by Fareast Finance, GBB Power, AFC Agro Biotech, and Bangladesh Industrial Finance Company.
Stocks of Beximco Limited traded the most, worth Tk 126 crore, followed by IFIC Bank, Orion Pharmaceuticals, Delta Life Insurance, and BATBC.
Mir Akhter Hossain shed the most, dropping 9.38 per cent, followed by Coppertech Industries, Agni System, BD Wielding, and Aramit Cement.
The Chittagong Stock Exchange also rose yesterday as the CASPI, the main index of the port city bourse, grew by 9 points, or 0.04 per cent to 20,453.
Among the 297 traded stocks, 162 rose, 112 fell and 23 remained unchanged.
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