Aug 31, 2023

Stocks increase slightly

Representational image.

Dhaka stocks inched up on Wednesday as some investors went for buying shares amid optimism, market operators said.

DSEX, the key index of the Dhaka Stock Exchange, increased by 2.14 points, or 0.03 per cent, and settled at 6,293.13 points on Wednesday after losing 8.66 points in the previous day.

The turnover on the DSE increased to Tk 413.4 crore on Wednesday compared with that of Tk 391.53 crore in the previous trading session.

Market operators said that the investors’ participation was dull due to a prevalent preference among investors to stay on the sidelines.

They said that the heightened political activities ahead of the national election kept investors cautious on the trading floor.

Besides, the country’s economy has been struggling in recent months with various challenges, including high inflation, dollar crisis and energy crisis, which has kept the market muted, they said.

Out of the 320 issues traded on Tuesday, 73 advanced, 74 declined and 156 remained unchanged.

EBL Securities in its daily market commentary said that the benchmark index of the capital bourse ended on a flat note amidst mild volatility on the trading floor as investors showed their buying interest in sector-specific issues with quick gain potential, while cautious investors were being observant and staying on the sidelines in the face of a bleak market momentum.

Investors were active on both sides of the trading fence, causing the core index to observe a mere flat movement since risk-averse investors continued their cautious selling approach to secure their short-term gains from the continuously volatile market, while some opportunistic investors chased selective scrips in anticipation of quick gains, it said.

The DSE Shariah index added 0.07 points, or 0.01 per cent, to close at 1,371.48 points on Wednesday.

The DS30 index gained 1.03 points, or 0.04 per cent, to finish at 2,139.58 points on the day.

Fu Wang Food Ltd topped the turnover chart with its shares worth Tk 50.27 crore changing hands on the day.

Khan Brothers PP Woven Bag Industries, Sea Pearl Beach Resort, Rupali Life Insurance, Emerald Oil, Gemeni Sea Food, Intraco Refueling Station, RD Food, Sk Trims and Sonali Paper were the other turnover leaders on the day.

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