Stocks manage modest gains in choppy trade

After a mild correction in the previous session, stocks eked out modest gains on Thursday, the final trading session of the year.

Trading remained choppy for the entire day as the benchmark DSEX index moved between red and green several times throughout the session.

The DSEX index rose 25 points or 0.37 per cent to settle at 6,756, after hitting a high of 6,762 and a low of 6,736.

The Shariah-based index DSES was marginally up 3 points or 0.26 per cent at 1,431 while the blue-chip comprising the DS30 index also slightly rose 10 points or 0.40 per cent at 2,532.

In the final trading session of this year, indices in the Dhaka Stock exchange closed in the green as investors’ looked to rebalance their portfolios ahead of declaring the year end closing accounts, said EBL Securities in its market commentary.

“Relaxation of margin loan criteria after category change of the stocks and hope of settlement between the Bangladesh Bank and the Bangladesh Securities and Exchange Commission (BSEC) have also cheered up the investors,” noted the stock broker.

The rally was led by NBFI, tannery, ceramics, travel and leisure, general insurance, life insurance, IT, food and allied. Selling pressure was observed most in textile, real estate and miscellaneous.

Stocks that helped lift the benchmark index included ICB (6.24 points), Grameenphone (1.74 points), Brac Bank (1.63 points), Unilever (1.13 points), Bank Asia (1.09 points), and EBL (1 points).

The turnover increased more than 25 per cent over the previous day to Tk 921 crore backed by the general insurance sector that accounted for more than 17.63 per cent of total turnover.

Shares of 377 companies were traded, of which 178 registered an increase, 149 recorded a fall, and 50 remained unchanged.

RSRM Steel hit the upper limit circuit at 10 per cent, followed by Reliance One Mutual Fund, Fareast Islami Life Insurance Co. Ltd, BATA Shoe, National Tubes, and Anwar Galvanising.

SBAC Bank was the worst loser shedding 5 per cent, followed by Bangladesh National Insurance Company Limited, Asia Insurance, Hamid Fabrics, and Appollo Ispat Complex.

Sonali Paper and Board Mills was the most traded stock, followed by Asia Insurance, Genex Infosys, Beximco Ltd, Delta Life Insurance, and Bangladesh Submarine Cable Company Limited.