Stocks fail to stay afloat

Dhaka stocks failed to stay afloat in the week’s last trading session on Thursday owing mainly to the profit-booking spree of cautious investors as they were still concerned regarding the market outlook.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), the prime bourse, inched down 2.1 points to settle at 6,260 against 6,262 in the previous trading session.

Among other indices, the DS30, the blue-chip index, added 1.08 points or 0.04 per cent to close at 2,226, and the DSES, the Shariah-based index, edged up 0.74 points or 0.05 per cent to 1,362.

Meanwhile, the capital bourse witnessed a decrease in investor participation with the DSE turnover declining by 16.0 per cent to Tk 545 crore against the tally of Tk 645 crore in the previous session.

Although the market started on a positive note, sell pressure continued to mount as cautious investors opted to realise their short term gains, which resulted in a mild volatile movement of the core index, said EBL Securities, a stockbroker, in its daily market review.

Investors remained cautious since the market was yet to experience a major trigger to return to persistent positive momentum, it added.

The IT sector topped the turnover chart with a contribution of 22.4 per cent to the total turnover of the DSE, followed by the life insurance (10.8 per cent) and pharma (9.0 per cent).

Most sectors displayed dismal returns on the DSE trading floor, with the life insurance facing the highest correction of 1.7 per cent, followed by ceramic (0.5 per cent) and jute (0.5 per cent).

On the other hand, the travel posted the highest gain of 2.2 per cent, followed by IT (1.8 per cent) and tannery (0.2 per cent). Dhaka Insurance Limited topped the gainer list with a return of 9.9 per cent, while National Feed Mill Limited was the day’s worst sufferer with a loss of 4.8 per cent.

Out of the issues traded, 47 advanced, 113 declined and 231 remained unchanged.