Stocks return to black

Snapping the three-day losing streak, Dhaka stocks returned to the black on Wednesday as opportunist investors turned up to put funds into sector-specific issues in hope of quick gains.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), surged 8.4 points to settle at 6,205 against 6,196 in the previous trading session.

Among other indices, the DS30, the blue-chip index, rose 0.05 points or 0.002 per cent to 2,198, and the DSES, the Shariah-based index, increased 1.47 points or 0.10 per cent to 1,344.

Turnover, another crucial market indicator, fell by 7.1 per cent to Tk 411 crore against Tk 442 crore in the previous trading session.

The market remained upbeat throughout the session owing to the prevailing buy dominance from bargain hunters who perceived some selective issues to be traded at a lucrative price level, said EBL Securities, a stockbroker, in its daily market review.

Investors, however, were shifting their focus toward short-term trading, creating continuous volatility on the trading floor, it added.

The IT sector topped the turnover chart with a contribution of 17.2 per cent of the total turnover of the DSE, followed by food (15.4 per cent) and life insurance (10.9 per cent).

Most sectors displayed positive returns at the premier bourse, out of which the IT posted the highest gain of 2.2 per cent, followed by travel (1.6 per cent) and jute (1.3 per cent).

On the other hand, only the life insurance faced a slight correction of 0.5 per cent. Aamra networks limited was the day’s most traded stock with Tk 27 crore worth of shares changing hands, followed by Eastern Housing Limited, and Gemini Sea Food Ltd.

Prime Islami Life Insurance Ltd topped the DSE’s gainer list with a return of 9.8 per cent, while Midland Bank Limited was the day’s worst sufferer with a loss of 4.3 per cent.

Out of the 392 issues traded, 76 advanced, 33 declined and 283 remained unchanged.

The port city bourse, CSE, also settled on green terrain, with its two major indices – the selected indices (CSCX) and the all-share price index (CASPI) – advanced by 13.1 points and 23.0 points respectively.