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Stocks edge up after bumpy ride --

Genex Infosys' jumps 9.95pc after deal signing with NBR

FE REPORT | November 07, 2022 12:00:00

Dhaka stocks posted a marginal gain on Sunday, extending the gaining streak for four straight sessions, supported by price appreciation in some selective stocks.

The market swayed between positive and negative several times before closing marginally higher as most investors remained cautious ahead of the meeting between the securities regulator and the International Monetary Policy today (Monday).

At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 6,415, advancing 5.10 points or 0.07 per cent. DSEX added 108 points in the past four trading days.

Turnover, a crucial indicator of the market, however, dropped to Tk 12.75 billion, 16 per cent lower than the previous day's. The day before, the highest turnover of Tk 15.10 billion was recorded in a month.

Investors fear a bleak outcome of the meeting to discuss issues relevant to the capital market amid the ongoing macroeconomic adversities, said SEB Securities.

"The market observed see-saw trading throughout the session as investors' concerns loomed around the current macroeconomic headwinds as well as the central bank's decision to uplift the interest rate cap on consumer loans," said the stockbroker.

However, the price appreciation of some large-cap stocks, particularly LafargeHolcim and Beximco Pharma, helped the core index to stay afloat by the end of the session.

Investors were active on a handful of stocks which they thought they would to be able to trade at lucrative prices to make quick bucks, said a stockbroker.

Genex Infosys stock jumped 9.95 per cent to close at Tk 96.10 following the news that the company signed a 10-year business deal with the National Board of Revenue on Thursday.

Genex Infosys is expected to generate Tk 2.12 billion in gross revenue a year upon the full rollout.

Five large-cap stocks-LafargeHolcim, Bashundhara Paper Mills, Beximco Pharma, Genex Infosys, and Bangladesh Shipping Corporation jointly contributed 12 points rise of the DSEX, according to amarstock.com, a market data analyst.

Two other indices of the DSE also ended higher. The DS30 index, comprising blue chips, rose 5.84 points to settle at 2,258, and the DSE Shariah index gained 4.42 points to close at 1,405.

Most of the traded issues, however, remained unchanged due to the 'floor price' restriction. Of the 369 issues traded, 91 declined, 65 advanced and 213 issues remained unchanged on the DSE.

Large-cap sectors posted negative performance. Pharmaceutical saw the highest loss of 0.19 per cent, followed by engineering 0.14 per cent, financial institutions 0.08 per cent, food 0.07 per cent and power 0.05 per cent. Only the banking sector gained 0.10 per cent.

The pharma sector dominated the turnover chart, grabbing 17 per cent of the day's total turnover, closely followed by miscellaneous (16 per cent) and IT (14 per cent).

Beximco kept its dominance in the turnover list with shares worth Tk 1.05 billion changing hands, followed by Genex Infosys (Tk 804 million), Orion Pharma (Tk 803 million), Navana Pharma (511 million) and Eastern Housing (Tk 466 million).

Newly-listed Chartered Life Insurance was the day's top gainer, soaring 10 per cent while Bangladesh Monospool Paper Manufacturing Company was the day's worst loser, losing7.70 per cent.

However, the Chittagong Stock Exchange (CSE) closed in the red with the CSE All Share Price Index (CASPI) losing 26 points to settle at 18,918 and its Selective Categories Index (CSCX) shedding 16 points to close at 11,338.

Of the issues traded, 79 declined, 54 advanced and 101 issues remained unchanged. The port-city bourse traded 4.08 million shares and mutual fund units with turnover value of Tk 221 million.

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