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Large-cap firms bring stocks back to black

Star Business Report
Stocks returned to the black yesterday riding on investors' buying spree of large-cap companies.
DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,608.29 after gaining 19.50 points or 0.43 percent. DSES, the shariah index of the DSE, rose 15.41 points or 1.53 percent to close at 1,019.68.
Large- and mid-cap shares' upswing kept the market positive despite majority of the traded scrips getting price corrections, said IDLC Investments.
Apparently, search for safer investments during downtrend turned large-and few mid-cap scrips most preferred to the market participants, the investment banker said.
Consequently, liquidity of those companies improved significantly crossing historical boundaries sometimes, and the historically renowned safer corridor for investment was probably growing as 'expensive' at valuation level silently, it said.
As the board missed Lafarge Surma Cement, Heidelberg Cement got investors attention, posting a hefty gain of 6.81 percent, the investment banker said.
Earlier, in January foreign investment reached a seven-month high.
A 5.62 percent rise in beneficiary owner-
ship account during January-March period added to the sign of fresh fund inflow to the market, said LankaBangla Securities, a stockbroker.
Turnover, the most important indicator of the market, advanced 9.57 crore to Tk 505 crore, compared to the previous day.
A total of 0.97 lakh trades were executed with 7.04 crore shares and mutual fund units changing hands on the Dhaka bourse.
The losers took a strong lead over the gainers as 184 declined, 80 advanced and 25 issues closed unchanged out of the total 289 traded on the DSE.
While many of the major sectors ended the day showing only modest moves, substantial strength was visible among Pharma, Teleco and tannery stocks with 3.1 percent, 4.3 percent and 6.6 percent gains respectively.
Cement and oil stocks also moved upwards, while modest weakness was visible among financial stocks.
The heavyweight Grameenphone featured in the most traded stocks chart with 26.29 lakh shares worth Tk 62.61 crore changing hands followed by Square Pharma and Padma Oil.
Apex Tannery was the day's highest gainer, posting a rise of 8.68 percent, while Uttara Bank was the worst loser, slumping by 14.19 percent.