Stocks break losing streak

Stocks closed marginally higher yesterday, after breaking a seven-day losing streak, mainly due to a buying pressure at the beginning of the session.

DSEX, the benchmark index of Dhaka Stock Exchange, rose 6.9 points or 0.15 percent, finishing the last day of the week at 4,520.87 points.

The benchmark index showed a few ups and downs throughout the day, LankaBangla Securities said in its regular analysis.

The market finally inched up a bit signalling a possibility that it may bounce back, the stockbroker said.

IDLC Investments, a merchant bank, said sellers came out to be dominant during the late hours, creating ample supply on large caps that wiped out the early gains in the index.

Turnover, another important indicator of the market, however, dropped 11.72 percent to Tk 286.59 crore, with 6.95 crore shares and mutual fund units changing hands on the DSE.

Investor participation was still uninspired, indicating that investors were not convinced about the direction of the market in the coming days, according to LankaBangla Securities.

Of the traded issues, 140 advanced, 131 declined, and 48 closed unchanged on the premier bourse.

Beximco Pharma dominated the turnover chart with 22.56 lakh shares worth Tk 19.26 crore changing hands, followed by Quasem Drycells, Square Pharma, Lafarge Surma Cement and Regent Textile Mills.

Among the major sectors, banking increased 0.62 percent in market capitalisation, followed by food and allied that rose 0.21 percent, engineering 0.14 percent and telecom 0.1 percent.

Conversely, cement and mutual fund sectors declined 1.23 percent and 1.06 percent respectively.

Apex Spinning and Knitting Mills was the day's best performer with 9.93 percent in gains, while Tallu Spinning was the worst loser, shedding 14.72 percent.

Chittagong stocks, however, fell slightly yesterday with the bourse's benchmark index, CSCX, declining 7.48 points or 0.08 percent to finish the day at 8,399.16 points.

Losers beat gainers as 113 declined and 88 advanced, while 38 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 70.32 lakh shares and mutual fund units worth Tk 21.54 crore in turnover.