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Stocks struggle for direction -

Prices of most shares remain unchanged due to 'floor price' restriction

FE REPORT | September 14, 2022 00:00:00

Stocks posted a moderate gain on Tuesday after a two-day correction, as the bargain hunters renewed their buying appetite for sector-specific issues.

The market swung between positive and negative territories several times before closing marginally higher, as most investors traded cautiously amid profit-booking tendency.

DSEX, the key index of the Dhaka Stock Exchange (DSE), finally edged up by 9.28 points or 0.14 per cent to settle at 6,537.60, after losing 32 points in the past two days.

Turnover, a crucial indicator of the market, stood at Tk 14.80 billion on the premier bourse, which was 8.75 per cent higher than the previous day's tally of Tk 13.61 billion.

Market insiders said the market witnessed volatile trading in the past three trading days as investors traded cautiously amid profit booking tendency on sector-wise stocks.

The bargain hunters showed their buying interest on lucrative stocks, taking the market index and turnover marginally higher after two-day correction, according to a leading broker.

The investors were active on both sides of the trading fence while the majority of the participants continued their hunt for quick-gaining stocks, said EBL Securities, in its regular market analysis.

"The market has been witnessing jerky rides as investors are watchful due to recent upward momentum in the market," said the stockbroker.

Besides, investors were unable to settle for particular sector-specific stocks since they were focusing on reshuffling their portfolios amid expectations of upcoming earnings declarations, said the stockbroker.

Two other indices of the DSE, however, extended their losing streak. The DS30 index, comprising blue chips, fell 3.11 points to finish at 2,353 and the DSE Shariah Index (DSES) shed 2.50 points to close at 1,427.

Most of the traded issues remained unchanged due to the 'floor price' restriction. Of the 377 issues traded, 129 advanced, 104 declined and 140 others remained unchanged on the DSE trading floor.

The pharmaceuticals sector dominated the turnover chart, grabbing 20.20 per cent of the day's total turnover, followed by miscellaneous (19.70 per cent) and engineering (10.40 per cent).

Most of the large-cap sectors posted gains. The non-bank financial institutions booked the highest gain of 1.04 per cent, followed by banking with 0.43 per cent, power 0.40 per cent, food 0.25 per cent and engineering 0.21 per cent.

On the other hand, pharmaceuticals and telecom sectors suffered losses of 0.46 per cent and 0.06 per cent respectively.

Beximco became the most-traded stock with shares worth Tk 1.62 billion changing hands, closely followed by Orion Pharma (Tk 1.23 billion), JMI Hospital Requisite Manufacturing (Tk 554 million), Bangladesh Shipping Corporation (Tk 469 million) and IPDC Finance (Tk 437 million).

Sonargaon Textiles was the day's top gainer, posting a 9.89 per cent rise while Nahee Aluminum Composite Panel was the worst loser, losing 6.29 per cent.

The Chittagong Stock Exchange (CSE) also edged higher with the CSE All Share Price Index (CASPI) rising 34 points to settle at 19,234 and its Selective Categories Index (CSCX) gaining 20 points to close at 11,528.

Of the issues traded, 111 advanced, 85 declined and 92 issues remained unchanged.

The port-city bourse traded 8.30 million shares and mutual fund units with a turnover value of Tk 350 million.

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