Stocks inch up in choppy trade

Dhaka stocks inched up in choppy trade on Monday after staying adrift almost throughout the session.

The market started on a positive in the morning led by mostly low-cap companies but the morning gains were gone by the afternoon due to the profit-taking, traders said.

The benchmark DSEX index rose 14 points or 0.20 per cent to close at 7,251, hitting as high as 7,281 around mid-session and as low as 7,241 in the final session. The index fell marginally in the previous session.

Two other indices--the Shariah-based DSES index was marginally down over 4 points or 0.26 per cent to 1,578 and the blue-chip comprising DS30 index gained over 10 points or 0.39 per cent to 2,676.

Life insurance sector came to the spotlight soaring around 1.5 per cent led by Eastern Insurance hitting the upper limit circuit at almost 10 per cent. The company was the top gainer of the day.

“Stocks opened on a higher note and it seemed there were several orders but selling became the order of the final session, erasing the early gains later in the day,” said a stockbroker.

Desh Garments suffered the most slumping 7.81 per cent to Tk233.60.

Banks, general insurance, mutual funds, textiles, paper-printing, pharmaceuticals, and energy closed in the red.

The DSE turnover declined more than 12 per cent over the previous day.

LafargeHolcim Bangladesh Limited was the most traded stock, followed by Orion Pharmaceuticals, GPH Ispat, Beximco Ltd, SAIF Powertec, SS Steel, Beximco Pharmaceuticals, Pramount Textile, Shahjibazar Power Co and Active Fine Chemicals.

Meanwhile, the Chittagong Stock Exchange’s broad index rose 0.11 per cent to 12,691 points and CSE-30 index 0.08 per cent to 15,348 points.