Tuesday, 24 May, 2022

Stocks post slight gain

  • Staff Correspondent
  • 25 March, 2022 12:00 AM
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Stocks post slight gain

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Stocks posted a slight gain on Thursday, after choppy trading, as investors followed a cautious approach amid the ongoing Russia-Ukraine conflict and the upcoming Ramadan.

The market moved between positive and negative several times before ending slightly higher as investors hesitated to make fresh investments in the market despite the securities regulator urging the banks to take fresh investments.

DSEX, the key index of the Dhaka Stock Exchange, went up by 2.47 points or 0.03 per cent to settle at 6,752, after losing over 21 points in the previous day.

The DSE Shariah Index (DSES) also saw a fractional gain of 0.38 point to close at 1,456. However, the DSE 30 Index, comprising blue chips, shed 2.69 points to finish at 2,466.

Turnover, the crucial indicator of the market, stood at Tk 8.29 billion, which was 4.0 per cent lower than the previous day’s tally of Tk 8.63 billion.

The stock market regulator urged the institutional investors, particularly banks, to make fresh investments in stocks, but the banks are not confident enough to put fresh bets on stocks, market analysts said..

Many investors remained worried about the ongoing crisis between Ukraine and Russia and the potential adverse impacts on the country’s overall economy, said a leading merchant banker.

The investors’ participation remained sluggish as the lower limit circuit breaker caused investors to remain in the sideline, he said.

Losers took a modest lead over the gainers as out of 379 issues traded, 171 declined, 143 advanced and 65 remained unchanged on the DSE trading floor.

Beximco continued to top the turnover list with shares worth Tk 1.01 billion changing hands, followed by Fortune Shoes, Orion Pharma, Premier Bank and Sonali Paper & Board Mills.

Khulna Power Company was the top gainer, posting 9.72 per cent rise, while VFS Thread Dyeing was the day’s worst loser, losing 1.98 per cent.

The Chittagong Stock Exchange (CSE) edged higher with the CSE All Share Price Index – CASPI –gaining 22 points to settle at 19,824 and the Selective Categories Index – CSCX – advancing 13 points to close at 11,893.

Of the issues traded, 165 declined, 80 advanced and 44 issues remained unchanged on the CSE.

The port city’s bourse traded 8.21 million shares and mutual fund units with turnover value worth over Tk 201 million.