Stocks snap 9-day losing streak

Dhaka stocks ended higher on Monday, snapping nine straight sessions of losses but the broader markets continued to suffer.

The benchmark index DSEX closed up 0.50 per cent or 30 points at 6,083. It lost over 314 points in the past nine trading days.

The blue-chip index DS30 was up 0.42 per cent or 9 points at 1,332, the Shariah-based index DSES gained 0.30 per cent or about 4 points at 2,177.

“Dhaka stocks rebounded after continuously falling for nine consecutive sessions as bargain hunters took advantage of low-priced shares, created by the prolonged period of corrections, which elevated the market into green trajectory,” said EBL Securities in a note.

Market started off with the dominant selling pressure and plunged into red terrain too early, despite that a few positive initiatives from the regulator has contributed to clutch the free fall, as a result, in the mid-session investors favored bargain hunting which helped the index to end in positive territory at the end of the session, it said.

However, the general investors are still concerned about the current macroeconomic issues, including the energy crisis, inflationary pressure, currency depreciation and depletion in foreign reserve.

Out of the 386 issues traded, 196 advanced, 131 declined, and 59 remained unchanged.

Turnover increased by 35.88 per cent to Tk 640 crore backed by textile sector that made up almost 23 per cent of the total turnover.

Large-cap sectors posted mixed performance. Pharmaceutical booked the highest gain of 0.57 per cent followed by engineering 0.51 per cent, and bank 0.29 per cent.

Telecommunication experienced the highest loss of 0.66 per cent followed by NBFI 0.37 per cent, fuel & power 0.29 per cent, food & allied 0.01 per cent.

Bangladesh Export Import Company Ltd. (+1.5 per cent) was the most traded share with a turnover of over Tk 45 crore.

Matin Spinning Mills was the top gainer, soaring 9.68 per cent while Progressive Life Insurance was the worst loser, losing 2.0 per cent. The port city bourse, CSE, also, settled in green terrain. The selected indices (CSCX) and All Share Price Index (CASPI) have advanced by 69.8 and 115.4 points respectively, turnover value worth Tk 17 crore.