Large-cap stocks saving grace

Purchase of large-cap companies’ stocks pulled the market up yesterday after a consecutive fall of three days.

The DSEX, the Dhaka Stock Exchange’s (DSE) benchmark index, gained nearly 65 points, or 1.33 percent. It had fallen 104 points in the previous three days.

But turnover frustrated investors as it fell 21 percent to Tk 304.72 crore compared to the previous day.

Market insiders said some institutional investors yesterday purchased stocks of some large-cap and well-performing companies which had turned cheaper following massive sell-offs in the past few weeks.

All large cap sectors, except for banks, showed positive movements with telecommunication the highest of 7.30 percent. Banks exhibited the most negative movement of 0.10 percent. JMI Syringes topped the gainers’ list yesterday with an 11.30 percent rise followed by Monno Ceramics, Gemini Sea Foods, Meghna Pet Industries and Beacon Pharmaceuticals. The top loser was Emerald Oil which shed 9.52 percent.

Of the traded stocks, 185 gained, 106 lost and 60 remained unchanged. The market’s top four positive index contributors were GP, Square Pharmaceuticals, British American Tobacco Bangladesh and Renata.

GP was the top traded stock with a turnover of Tk 38.65 crore -- around 13 percent of the DSE’s total turnover.

A stockbroker said the gloom over Grameenphone was expected to clear as Finance Minister AHM Mustafa Kamal has initiated steps to resolve a dispute over the Bangladesh Telecommunication Regulatory Commission’s audit claim of Tk 12,579 crore.

So investors have started to purchase stocks, he added.

Chattogram stocks also rose with the bourse’s benchmark index, the CSCX, increasing 115.97 points, or 1.29 percent, to finish the day at 9,076.76. Gainers beat losers as 74 declined and 122 advanced while 36 finished unchanged on Chittagong Stock Exchange.