Stocks closed nearly flat on Thursday after remaining steady in the previous two days, as an extension of lockdown and the rising trend of coronavirus cases prompted investors to adopt a cautious stance.
The market opened on a positive note and the key index climbed more than 40 points within the first hour of trading, but the remaining hours of the session saw all the initial gains erased.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), finally settled only 1.02 points higher at 6,052. The DSEX added a total of 38 points in the three consecutive sessions.
Two other sub-indices also edged higher, with the blue-chip DSE30 Index advancing 13.79 points to finish at 2,197 and the DSE Shariah Index (DSES) gaining 2.26 points to close at 1,290.
Turnover, a crucial indicator of the market, however, fell below Tk 20 billion-mark again to Tk 18.47 billion, down 12.42 per cent from the previous day's turnover of Tk 21.09 billion.
Market operators said some well-performing stocks saved the market from falling further at the end of the day, with the DSE30 index outperforming the benchmark index.
The market failed to keep its momentum as an extension of lockdown amidst rising Covid-19 cases and deaths in the country made investors cautious, commented EBL Securities.
Sixty-three people died from Covid-19 and 3,840 new infections were recorded in the last 24 hours (till 8:00am Thursday), according to a press release issued by the Directorate General of Health Services (DGHS).
Beximco, Grameenphone, Power Grid Company, British American Tobacco Bangladesh, United Power, Beximco Pharma and Summit Power jointly added 30 points to the DSEX, which saved the market from a major fall, said an analyst at a leading brokerage firm.
He noted that a section of investors also followed 'go slow' strategy, as the stock market regulator lifted the 'floor price' restriction for all listed companies, effective from Sunday next.
Earlier, the securities regulator also withdrew 96 listed companies' 'floor price' restrictions in two phases, which was imposed in 15 months ago on March 19, 2020 to stop the fall of index, caused by the virus outbreak.
International Leasing Securities said shaky investors dumped shares in general insurance, financial institution, engineering, mutual fund, banking and textile sectors.
However, smart investors took position in life insurance, miscellaneous, power and food sector stocks, which helped the index to close in flat, said the stockbroker.
Losers took a modest lead over the gainers, as out of 372 issues traded, 237 declined, 107 advanced and 28 issues remained unchanged on the DSE trading floor.
Beximco -- the flagship company of Beximco Group -- continued to dominate the turnover chart, with shares worth Tk 2.14 billion changing hands, followed by National Feed Mills (Tk 503 million), Pioneer Insurance (Tk 500 million), Orion Pharma ( 354 million) and National Polymer (Tk 326 million).
Safko Spinning Mills was the day's top gainer, posting a 9.69 per cent gain while Index Agro Industries was the worst loser, shedding 9.04 per cent.
A total of 269,745 trades were executed in the day's trading session, with a trading volume of 485.10 million shares and mutual fund units.
The market-cap of DSE dropped slightly to Tk 5,081 billion on Thursday, down from Tk 5,083 billion in the previous session.
The Chittagong Stock Exchange (CSE) also edged higher with the CSE All Share Price Index - CASPI - gaining 40 points to settle at 17,570 and the Selective Categories Index - CSCX -- rising 25 points to close at 10,576.
Of the issues traded, 191 advanced, 83 declined and 34 issues remained unchanged on the CSE.
The port city's bourse traded 24.98 million shares and mutual fund units with turnover value of Tk 1.05 billion.
© 2024 - All Rights with The Financial Express
