Stocks stay positive amid choppy trading

Dhaka,  Tue,  28 March 2017
Published : 12 Mar 2017, 21:26:19
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Stocks stay positive amid choppy trading

Turnover increases 8.44pc on premier bourse
FE Report


Stocks finished slightly higher Sunday amid choppy trading as late hours profit taking sell pressure wiped out most of the early gains.

Analysts said the market maintained the positive trend although the early enthusiasm failed to sustain amid profit booking sale, especially on fuel and power, food and allied and telecom issues.

"The investors were active both sides of trading fence as risk-averse investors booked quick-gain while some optimistic investors took position on sector specific issues, taking the market turnover nearly Tk 13 billion-mark," said an analyst at a leading brokerage firm.

The market started with optimistic note and the key index of the premier bourse advanced 25 points within first 30 minutes of trading. Later on investors concentrated on booking short-term profits and index eroded most of its initial gain.

Eventually, DSEX, the prime index of the Dhaka Stock Exchange (DSE) finished at 5,676.25, advancing 4.64 points or 0.08 per cent over the previous session.  DSEX added more than 103 points in the past five consecutive sessions.

AT Capital, an asset management company, said, "The maiden session of the week passed a volatile session, rotating its direction several times throughout the session".

The AT Capital noted that the market started the session optimistically gaining 25 points in the first 30 minutes. However, index started losing profits at this point instigated by sell pressure in some of the large-cap stocks of NBFI, cement and power sector.

"The market witnessed short spikes in the last hour that recovered all the losses, eventually closing the day's session flat," said the AT Capital

The DS30 index, comprising blue chips also advanced 5.39 points or 0.26 per cent to finish at 2,055.03. However, the DSE Shariah Index (DSES) fell 3.37 points or 0.25 per cent to close at 1,308.80.

Turnover, the important indicator of the market, rose to Tk 12.85 billion, which was 8.44 per cent higher than the previous day's Tk 11.85 billion.

The non-bank financial institutions sector emerged as turnover leader, capturing 18 per cent, closely followed by pharmaceuticals 17 per cent and textile 14 per cent.

The port city bourse, the Chittagong Stock Exchange (CSE), also finished higher with its Selective Categories Index - CSCX - advancing 5.67 points to settle at 10,659.

Gainers beat losers as 115 issues closed higher, 108 closed lower and 36 remained unchanged on the CSE.

The port city's bourse traded 26.10 million shares and mutual fund units' worth more than Tk 786 million in turnover.

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