Stocks snap four-day losing streak --

Stocks ended marginally higher on Wednesday, snapping a four-day losing streak, as bargain hunters showed their buying interest on lucrative issues after recent price erosion.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 13.12 points or 0.20 per cent to settle at 6,374, after losing 123 points in the past four consecutive days.
Turnover, the crucial indicator of the market, also crossed Tk 9.0 billion-mark and amounted to Tk 9.44 billion, which was 8.0 per cent higher than the previous day's tally of Tk 8.75 billion.
Market insiders said bargain hunters were active on major sector issues as their shares became lucrative following the recent price erosion, taking the market turnover and index higher.
However, a section of investors remained cautious amid instability of exchange rates, rising inflation and upsurge in call money rate.
The stock market came out of the consecutive bearish vibe as investors took advantage of the recent low and engaged in bargain hunting in selective sectors, said EBL Securities.
"A near-term trend reversal is visible, after prolonged volatility, in the equity market, supported by fiscal policy measures, notably tax-cutting for export-oriented companies and other sector- specific benefits for listed companies," said the stockbroker.
Price appreciation of some large-cap stocks such as Beximco, and RAK Ceramics also contributed to the market rise, said the stockbroker.
Five large-cap stocks such as Beximco, RAK Ceramics, Al-Arafah Islami Bank, Beximco Pharma and Unique Hotel & Resorts jointly contributed 21 points rise of DSEX, according to amarstock.com, a market data analyst.
International Leasing Securities said the bargain hunters showed their buying interest on sector-specific stocks at lucrative prices as the market lost 119 points since the budget proposal.
"Some of the stocks got investors' attention due to the budgetary incentives," said the stockbroker.
Two other indices also edged up with the DSE 30 Index, comprising blue chips, rising 1.0 points to finish at 2,301 and the DSE Shariah Index (DSES) advanced 1.92 points to close at 1,389.
Major sectors showed mixed performances. The miscellaneous saw the highest gain of 1.40 per cent backed by sector heavyweight Beximco, followed by financial institutions with 0.50 per cent, and engineering 0.20 per cent.
On the other hand, food, pharma, banking and telecom sectors lost 0.80 per cent, 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 issued traded, 175 advanced, 161 declined and 46 remained unchanged on the DSE trading floor.
Beximco topped the turnover list with shares worth Tk 651 changing hands, closely followed by RAK Ceramics (Tk 512 million), Shinepukur Ceramics (Tk 451 million), JMI Hospital Requisite Manufacturing (Tk 314 million) and IPDC Finance (Tk 266 million).
Newly listed Meghna Insurance was the day's top gainer, posting a 10 per cent gain while Bangladesh General Insurance Company was the day's worst loser, shedding 5.47 per cent following its corporate declaration.
The Chittagong Stock Exchange (CSE) also edged higher after four days with the CSE All Share Price Index - CASPI -gaining 62 points to settle at 18,772 and the Selective Categories Index - CSCX - rose 37 points to close at 11,255.
Of the issues traded, 131 advanced, 128 declined and 39 issues remained unchanged on the CSE.
The port city bourse traded 19.71 million shares and mutual fund units with a turnover value worth Tk 426 million.

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