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Stocks edge up amid insipid trading

Staff Correspondent
30 Sep 2022 00:00:00 | Update: 29 Sep 2022 22:38:37
Stocks edge up amid insipid trading

Stocks in Bangladesh edged higher for the second consecutive day Thursday as a section of investors went on buying selective issues for further gains.

The Dhaka Stock Exchange (DSE), the prime bourse in the country, however, remained choppy as cautious investors preferred booking profits from the recently rallied stocks, anticipating dismal upcoming earnings declarations.

The DSEX, the benchmark index of the DSE, added 16.5 points or 0.25 per cent to close at 6,512.

Among other indices, the DSES, the Shariah-based index, rose 4.31 points or 0.30 per cent to settle at 1,419, and the DS30, the blue-chip index, surged 7.28 points or 0.31 per cent to 2,330.

Turnover, another important indicator of the market, stood at Tk 1,216 crore, which was 18 per cent lower than the figure of Tk 1,484.5 crore in the previous trading session.

The equity indices of the Dhaka bourse managed to end on the positive side amid volatility as investors took stands on selective issues, while some recently rallied stocks ended on the losing side due to profit booking by cautious investors, said EBL Securities, a stockbroker, in its daily market review.

Investors opted to remain watchful and decided to stay sidelines as concerns loomed around the global as well as domestic macroeconomic concerns, it commented.

Moreover, a recent Bangladesh Bank disclosure that anticipated a dismal economic state due to the exchange rate pressure pushed investors’ confidence down about the market outlook, EBL Securities noted.

On the sectoral front, miscellaneous topped the turnover chart with a 16.5 per cent contribution to the total turnover, followed by pharma and chemical (15 per cent) and engineering (11.2 per cent).

Out of the 387 issues traded, 94 stocks advanced, 85 issues declined, and 208 scrips did not see any price movement.