Stocks break week-long losing streak

Dhaka,  Wed,  24 May 2017
Published : 16 May 2017, 16:35:30 | Updated : 16 May 2017, 17:43:28
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Stocks break week-long losing streak

Stocks break week-long losing streak
FE Online Report
Stocks edged higher on Tuesday, snapping a week-long losing streak with improving turnover value as investors went for buying mood at available attractive prices of shares.

Analysts said after week-long fall of about 117 points, many stocks came to a lucrative price level, which encouraged investors to take fresh position anticipating short-term rally.

The market opened with a positive note and the key index of the prime bourse rose around 30 points within the first 50 minutes of trading, but mid-session saw some sale pressure, finally ended 7.62 points higher.

DSEX, the prime index of Dhaka Stock Exchange (DSE), settled at 5,435.68 points, advancing 7.62 points or 0.14 per cent over the previous day.

However, the other two indices stayed in negative territory. The DS30 index, comprising blue chips, fell 4.55 points or 0.22 per cent to finish at 1,997.77 points. The DSE Shariah Index (DSES) lost 1.18 points or 0.09 per cent to close at 1258.40 points.

Supported by natural buying pressure, turnover on DSE improved to Tk 5.63 billion, registering an increase of 4.65 per cent over the previous day's turnover value of Tk 5.38 billion.

Gainers took a modest lead over the losers, as prices of 142 securities advanced, 135 declined and 47 remained unchanged out of the 324 issues that were traded on the DSE floor.

Doreen Power topped the DSE turnover chart with about 2.16 million shares worth more than Tk 291 million changing hands, closely followed by Paramount Textile, Ratanpur Steel, FAS Finance and Brac Bank.

Central Insurance was the day's highest gainer, posting 9.0 per cent gain, while Peoples Insurance was the worst loser, shedding 8.58 per cent.

The port city bourse, Chittagong Stock Exchange (CSE), also edged up after 7-day with its Selective Categories Index - CSCX – advancing 3.59 points to settle at 10,202 points.

Gainers beat losers as 108 issues closed higher, 92 closed lower and 40 remained unchanged on the CSE.

The port city bourse traded 10.38 million shares and mutual fund units' worth over Tk 333 million in turnover.

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