Stocks edged marginally higher on Sunday for the second consecutive day with sluggish turnover, as most of the investors were rather reluctant ahead of the Eid-ul-Azha.
The market opened with a slow positive mood, and gained around 27 points at mid-session. However, it could not sustain the mood, as investors extended their selling binge. Eventually the market ended slightly higher.
At the end of the session, the prime index of the Dhaka Stock Exchange - DSEX - closed at one-month high level of 4,830.68 points, gaining 11.23 points or 0.23 per cent.
The DS30 index, comprising blue chips, gained 2.67 points or 0.14 per cent to settle at 1,850.79. However, the DSE Shariah Index (DSES) fell 0.78 points or 0.06 per cent to finish at 1,185.89.
Analysts said most of the investors were reluctant to make fresh investments, as only two trading sessions are left ahead of the Eid vacation. The bourses will go for a five-day Eid vacation from September 23.
LankaBangla Securities said, "Stocks showed a lack of direction throughout much of the trading day, but managed to close modestly higher".
The stockbroker noted that middle of the session headed for collection, while the day's turnover was muted, as investors are nonchalant ahead of the Eid vacation.
Besides, they are closely watching economic data. Among the major economic updates, the investors are barred from claiming rebate on savings instruments in current fiscal year's tax return, said National Board of Revenue (NBR).
"Continuous erosion in export receipts brought back worries in the economy. Economist attributed the slow growth in export revenue to fall of Euro, and appreciation of local currency played key role in falling export growth," said the stockbroker.
Activities decreased in the major bourse, where turnover, volume and trade went down by 18.74 per cent, 16.58 per cent and 13.56 per cent respectively.
A total of 0.094 million trades were executed in the day, generating turnover of Tk 4.18 billion with trading volume of 120.86 million securities.
Overall activities remained confined to engineering, pharma and power sectors, accounting for 21 per cent, 16 per cent and 14 per cent respectively of the total DSE turnover.
According to Sheltech Brokerage, engineering led the top market cap gainers with 0.84 per cent gain, while mutual funds led the top market cap losers with 0.8 per cent loss.
Cement showed the highest turnover increase of 8.3 per cent, while telecommunication showed the highest turnover loss of 44 per cent.
"The bourse witnessed a choppy trading, as both optimist and shaky investors demonstrated their active presence during the session," International Leasing Securities said in an analysis.
The stockbroker noted that the activities declined, as the investors might have preferred to adopt a 'wait-and-see' stance in the pre-Eid sessions.
According to BRAC EPL, the large cap sectors showed mixed performance. In the financial sector both banks and NBFIs advanced by 0.55 per cent and 0.24 per cent respectively. Power gained 0.49 per cent, and pharmaceuticals remained unchanged.
Telecommunication lost the highest of 0.85 per cent, followed by food and allied 0.83 per cent. Cement went down by 0.60 per cent.
IDLC Investments said, "The market predictably swindled within a band with modest activities, focusing largely on stocks from engineering sector".
Recently, economy's stagnation was further evidenced by low private credit growth of mere 12.96 per cent in July, which supported the investors' reluctance to take significant position in the market, said the merchant bank.
IFAD Autos dominated the day's top turnover chart with shares worth Tk 183.52 million changing hands. It was followed by Islami Bank Tk 160 million, BSRM Steels Tk 130 million, United Power Tk 124 million, Aman Feed Tk 116 million, FAR Chemicals Tk 115 million, BSRM Tk 105 million, Appollo Ispat 102 million, and Summit Alliance Port Tk 100 million.
Power Grid Company was the day's best performer, posting a rise of 6.52 per cent. It was followed by Zahintex Industries 5.71 per cent, Aramit Cement 5.28 per cent, IFIC Bank 5.06 per cent, Musarraf Hossain Spinning Mills 4.33 per cent, Islamic Finance 4.08 per cent, Reliance Insurance 3.95 per cent, AMCL (Pran) 3.70 per cent, Asia Insurance 3.59 per cent, and Agrani Insurance 3.47 per cent.
The day's worst losers were Saiham Cotton 9.59 per cent, Modern Dyeing 5.30 per cent, NLI First MF 4.44 per cent, Monno Ceramics 4.06 per cent, AIMS First MF 4.05 per cent, LR Global MF-1 3.77 per cent, ICB Seventh MF 3.63 3.27 per cent, ICB AMCL Sonali Bank First MF 3.03 per cent, Eastern Cables 2.99 per cent, and Usmania Glass 2.83 per cent.
The Chittagong Stock Exchange (CSE) also edged higher with its Selective Categories Index - CSCX - gaining 21.00 points to end at 9,007.48.
The gainers beat the losers 111 to 105, with 27 issues remained unchanged on the port city bourse that traded 11.27 million shares and mutual fund units with a value of Tk 395 million.
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