Stocks snap 4-day losing streak

Dhaka stocks gained marginally on Sunday, breaking the losing streak in the previous four sessions.

The benchmark DSEX index rose over 26 points to stand at 6,175. The blue-chip index DS30 was up 5 points to 2,199 while the DSES Index, which represents Shariah-based companies, added 5 points to 1,350.

“The equity indices of the prime bourse showed a reversal pattern as the market rebounded from its continuous losing spree in the last four consecutive sessions as bargain hunters took advantage of the recent corrections resulted from the ongoing macroeconomic tensions,” said the EBL Securities in a note.

The market displayed mixed reactions throughout the session as investors were active in both sides of the trading fence while the buyers dominated the market in the end. The market has been in a bearish mood in the past few sessions riding on the sudden hike of fuel prices along with the other macroeconomic cues such as, rising inflation, depreciating local currency, depleting foreign exchange reserve etc, it said.

“Some investors found it as an opportunity to buy low-priced stock that are trading near the floor while the others were worried about rising living costs and gloomy forecast of corporate earnings due to increase in energy prices,” it said.

The turnover stood at Tk 650 crore, a rise of 10.4 per cent over the previous session backed by textile sector that made up 19 per cent of the total turnover.

Most of the sectors displayed positive returns. Out of which paper (3.1 per cent), travel (2.7 per cent) and textile (2.1 per cent) exerted the highest returns, while cement (-0.6 per cent), fuel & power (-0.2 per cent), and general insurance (-0.1 per cent) faced most corrections.

Out of the 386 issues traded, 168 advanced, 82 declined, and 136 remained unchanged.

The port city bourse, CSE, also settled in green terrain. The selected indices (CSCX) and All Share Price Index (CASPI) marginally advanced by 26.2 and 43.6 points respectively.