Stocks inch up amid higher turnover

Stocks posted marginal gains on Tuesday amid an increase in turnover as the bourses reset the lower price limit of stocks traded in the block market.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), inched up 2 points, or 0.06 percent, to close the day at 3,961.

The Shariah-based DSES index also advanced 0.7 points, or 0.07 percent, to settle at 918.3, while the blue-chip index DS30 went up 0.9 points, or 0.06 percent, to stand at 1,325.6.

Caspi, the benchmark index of the Chittagong Stock Exchange, also gained 4 points, or 0.04 percent, to close at 11,243.

The market was downbeat during the early hours of trade, but then it gradually picked up growth in the mid-session. The upward trend continued on the intraday performance graph and then the market ended the trading session flat.

Throughout the session, investors participated cautiously as the floor price mechanism kept them reluctant to make fresh investments in sector-specific stocks, stated the Daily Market Review of EBL Securities Ltd.

Meanwhile, stock exchanges have reset the lower price limit for the securities to be traded on the block board to enhance turnover value without affecting the broad index.

Investors remained worried due to the coronavirus pandemic crisis in the country as well as forthcoming earnings of the listed stocks, the review added.

The pharmaceuticals sector exhibited the highest price appreciation of 0.2 percent in the sector return board. On the other hand, mutual funds and miscellaneous stocks posted the highest price correction of 0.2 percent each.

Among the other large-cap sectors, banking and textile sectors gained 0.1 percent each while telecom and cement sectors remained flat.

Turnover at the DSE increased by 6.2 percent to Tk65.3 crore on Tuesday from Tk61.5 crore in the previous session. Meanwhile, turnover at the port city bourse decreased by 84 percent from Tk10.7 crore to Tk1.7 crore.

The pharmaceuticals sector contributed the most – at 43.1 percent – to the total turnover value. It was followed by banking stocks (17.4 percent) and the miscellaneous stocks (10.4 percent) on the sector-wise turnover distribution board.

Beximco Pharmaceuticals Ltd once again topped the turnover chart with a turnover value of Tk6.1 crore, closing the day at Tk63.5 per share. The stock was followed by Beximco Ltd with a turnover value of Tk4.3 crore, closing the day at Tk13 per share.

Desh Garments Ltd was the best performer on the gainers' table, gaining 4.5 percent and closing at Tk108.2 per share.

ICB Employees Provident Fund Mutual Fund 1 Scheme 1 was the worst loser, shedding 5.9 percent and closing at Tk6.4 per share.

Out of the 246 issues traded on Sunday, 20 advanced, 20 declined, and 206 remained unchanged on the DSE trading floor.