Stocks edge up, led by pharma stocks

The benchmark equity index rose on Thursday, boosted by pharmaceuticals and chemical sector stocks, even as cautious investors adopted wait-and-see policy amid no signs of improvement in economic outlook.
However, the turnover on Dhaka Stock Exchange (DSE) posted a decline of 9.3 per cent as many investors stayed on the sidelines after liquidating their holdings.
The market opened the day's session higher but the benchmark DSEX index went down soon afterwards and exhibited a flat movement throughout the remaining session.
At the end of the session, the DSEX settled 0.37 per cent or 24.67 points higher at 6,569.51.
Two-other sub-indices also finished higher. The Shariah-based DSES index rose 0.90 per cent or 12.98 points to close at 1,443.47 points while the blue-chip DS30 index ended 0.79 per cent or 18.52 points higher at 2361.56 points.
"The equity indices of the Dhaka bourse managed to stay afloat, supported by the price appreciation of a handful of stocks, particularly from the Pharmaceutical & Chemical sector, while the majority of sectors were mostly in correction mode," said a market review of EBL Securities.
It said the market remained steady throughout the session as the majority of investors focused on particular stocks with expectation of quick gains.
Of 372 issues traded on Thursday, 78 advanced, 103 declined and 191 others remained unchanged on the premier bourse DSE.
Turnover, a crucial indicator of the market, clocked in at Tk 11.69 billion, down 9.32 per cent from the previous session's turnover of Tk 12.90 billion.
Of the total turnover, Tk 616 million came from transactions executed in the block board.
Of the sectors which saw price appreciations, pharmaceuticals & chemicals advanced 1.4 per cent, textile 0.2 per cent, IT 1.8 per cent, jute 5.4 per cent, and paper & printing 1.2 per cent.
Of the sectors which witnessed price corrections, engineering sector declined 0.1 per cent, financial institutions 0.3 per cent, fuel & power 0.1 per cent, general insurance 0.2 per cent, life insurance 0.2 per cent and travel & leisure 2.5 per cent.
Investors' participation was concentrated mostly on pharmaceuticals & chemicals sector which grabbed 22.10 per cent of the market turnover followed by engineering (16.90 per cent), miscellaneous (12.90 per cent), and fuel & power (6.10 per cent).
Orion Pharma topped the scrip-wise turnover chart with a value of Tk 1.38 billion followed by Beximco (Tk 759.56 million), Sonali Paper & Board Mills (Tk 442 million), Bangladesh Building Systems (Tk 416 million) and Eastern Housing (Tk 398 million).
Aftab Automobiles was the top gainer with a rise of 9.85 per cent or Tk 2.60 to close at Tk 29 each.
Bangladesh Welding Electrodes was the worst loser, shedding 5.45 per cent or Tk 1.40 to close at Tk 24.30 each.
CASPI, the benchmark index of Chittagong Stock Exchange (CSE), also advanced 0.22 per cent or 43.77 points to close at 19332.60 points.
Of 244 issues traded on the CSE, 57 advanced, 75 declined and 112 others remained unchanged. The port-city bourse posted a turnover of Tk 189.19 million on Thursday.

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