Stocks end three-day losing spell

Stocks posted a marginal gain on Wednesday after high volatility as most investors remained cautious amid rising virus cases and persistent macroeconomic worries.
The market closed slightly higher after a three-day losing streak.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 6.14 points to settle at 6,317, after losing 114 points in the past three consecutive days.
Turnover, the crucial indicator of the market, however, dropped below Tk 7.0 billion after a week and amounted to Tk 6.94 billion, which was 4.28 per cent lower than the previous day's tally of Tk 7.25 billion.
Market analysts said most investors favoured staying on the sidelines as concerns loomed due to soaring inflation, rising trend of coronavirus cases and the persisting global price instabilities.
"Stocks managed to settle in green trajectory, but volatility continued as investors' concerns loomed around rising Covid-19 infections and weak trend in global market," said EBL Securities.
The market witnessed further decline in participation as investors favored sideline strategies to observe market momentum in the backdrop of rising Covid-19 infections, according to a merchant banker.
The daily Covid-19 cases are rising alarmingly in recent days. At least 1,135 Covid-19 cases were recorded in 24 hours until 8:00am Wednesday while the positivity rate is 13.30 per cent.
The investors are concerned of market adversity due to deteriorating exchange rates, rising inflation rate and the flood of the northeastern region of the country, said International Leasing Securities.
"Some of the investors preferred to book profit while the others took the opportunity of buying stocks at lucrative prices," said the stockbroker.
The DSE Shariah Index (DSES) also advanced 2.56 points to close at 1,381. However, the DSE 30 Index, comprising blue chips, lost 1.46 points to finish at 2,293.
Major sectors posted mixed performances. Cement, power, pharma and banking sectors gained 0.80 per cent, 0.60 per cent, 0.20 per cent and 0.10 per cent respectively.
On the other hand, food, engineering and financial institutions sectors lost 0.20 per cent, 0.10 per cent and 0.10 per cent respectively.
Gainers took a modest lead over the losers as out of 382 issues traded, 193 advanced, 123 declined and 66 issues remained unchanged on the DSE trading floor.
Beximco was the most-traded stocks with shares worth Tk 447 million changing hands, followed by Shinepukur Ceramics (Tk 259 million), JMI Hospital Requisite (Tk 182 million), Alif Manufacturing Company (Tk 179 million) and Sonali Papers (Tk 156 million). Junk stock Meghna Pet Industries was the top gainer, posting a 9.96 per cent gain while Bangladesh National Insurance Company was the day's worst loser, losing 1.98 per cent.
The Chittagong Stock Exchange (CSE) also edged up after three days with the CSE All Share Price Index - CASPI -gaining 11.19 points to settle at 18,602 and the Selective Categories Index - CSCX -rising 6.15 points to close at 11,152.
Of the issues traded, 118 declined, 112 advanced and 47 issues remained unchanged on the CSE.
The port city's bourse traded 19.45 million shares and mutual fund units with turnover value worth over Tk 382 million.

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