Stocks break 5-day losing spell

Stocks edged marginally higher on Monday, snapping five consecutive sessions of losing streak as investors went on late-hour buying spree on large-cap stocks. The market opened with a positive note, gaining nearly 16 points within first 30 minutes of trading, but soon after started to fall till 1pm. However, last 90 minutes saw steep rise, eventually ended marginally higher. DSEX, the prime index of the Dhaka Stock Exchange, went up by 21.20 points or 0.46 per cent to finish at 4,536.05, after slumping nearly 135 points in the past five consecutive trading sessions. The market rebounded backed by late hour buying support from the institutions, including state-run Investment Corporation of Bangladesh (ICB), market insiders said. Turnover improved slightly, but remained low, as total turnover on DSE stood at Tk 2.90 billion, which was 8.6 per cent higher than the previous day’s Tk 2.67 billion. The gainers took a modest lead over the lowers as out of 318 traded issues, 165 closed higher, 102 lower and 51 remained unchanged on the DSE trading floor. IFAD Autos dominated the day’s turnover chart with shares of Tk 258 million changing hands followed by Square Pharma, GP, Lafarge Surma Cement and Beximco Pharma. Hakkani Pulp and Paper was the day’s best performer, posting a rise of 9.85 per cent while Shaympur Sugar Mills was the day’s worst loser, plunging by 8.57 per cent. The port city bourse Chittagong Stock Exchange (CSE) bounced back with its Selective Categories Index – CSCX – gaining 53.67 points to end at 8,441.08. Gainers beat losers 116 to 89, with 27 issues remaining unchanged on the port city bourse that traded 6.06 million shares and mutual fund units with a value of Tk 205 million.

-RMC-