Stocks edged slightly higher Sunday with thin trading activities as most of the investors followed cautious stance amid prevailing political gridlock in the country.
The market opened with a negative note, but late hours buying spree on large-cap stocks helped the market to close slightly higher. DSEX, the prime index of the Dhaka Stock Exchange (DSE) went up by 13.94 points or 0.29 per cent to close at 4,802.17 points.
The two other indices also ended in the green. The DS30 index, comprising blue chips gained 10.29 points or 0.57 per cent to close at 1,788.15 points. The DSE Shariah Index advanced 7.82 points or 0.69 per cent to close at 1,136.12 points.
Trading at DSE remained sluggish. Turnover came down to Tk 2.45 billion, registering a decline of 7.89 per cent over the over the previous session's value of Tk 2.66 billion.
The investors' attention was mostly focused on pharma, power and engineering - the sectors that accounted for 18 per cent, 16 per cent and 10 per cent respectively of the day's total turnover.
"The first session of the week closed with upper note amidst weak participations from the investors," said International Leasing Securities in an analysis.
"Ongoing stagnant in political front kept most of the market participants in cautious mood and resultantly preferred to stay on sideline," it said.
Meanwhile, attractive price offering on some fundamentally strong issues pushed buying spree in the session which sustained throughout the session, said the International Leasing.
IDLC Investments said: "Market failed to breakout from slothfulness as the real economy became stagnant due to prevailing political deadlock and resulting countrywide blocked".
"Investors were losing hope and tried to re-assess their position, consequently turnover dropped to Tk 2.5 billion," said the merchant bank.
LankaBangla Securities said: "Market ended with some marginal gain backed by power, pharma and telecommunication stocks".
Corporate earnings cues also supported market with moderate quarterly growth. Though, market is at the stage of mid-term lull to watch the political move in future, said the stock broker.
The major sectors posted mix performances. Telecommunication appreciated the most with 2.06 per cent gain. Pharmaceuticals and power moved up by 1.98 per cent and 1.12 per cent respectively. NBFIs gained 0.49 per cent.
The port city bourse, Chittagong Stock Exchange (CSE) also ended in green with its Selective Categories Index - CSCX - gained 33.31 points to close at 8,931.80 points.
Gainers beat losers 105 to 99, with 30 issues remaining unchanged at the port city bourse that traded 5.99 million shares and mutual fund units, turnover value of Tk 229.65 million.
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