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Stocks rise marginally after three days of losses
STAR BUSINESS REPORT
Major indices of the stock market in Bangladesh rose marginally yesterday, breaking a three-day losing streak, as investors cautiously traded selective shares to make short-term gains amid price fluctuations.
The market was downbeat for the last few days following news reports of Bangladesh’s credit ratings being downgraded by US-based credit rating agency Moody’s.
As a result, Dhaka Stock Exchange and Chittagong Stock Exchange (CSE) witnessed thin participation of investors and massive sales requests.
The DSEX, the benchmark index of the country’s premier bourse, rose by 0.13 percent from that on the previous day prior to closing at 5,143.
The DSES index, that represents Shariah-based companies, grew by 0.09 percent to 1,148.
The DS30 index for the blue-chip shares rose 0.13 percent to 1,894.
At Chittagong Stock Exchange (CSE), the CSE All-Share Price Index (CASPI), the premier index of the port city bourse, dropped by 63.84 points, or 0.44 percent, to settle at 14,332.
Of the issues that were traded on the DSE, 119 saw a rise in their prices, 200 closed lower and the remaining 79 did not witness any price movement.
Turnover, which indicates the cumulative value of shares that changed hands on the trading floor, increased by 12.49 percent to Tk 360 crore.
The banking sector dominated the turnover chart, accounting for 23.13 percent of the total.
Block trades, which are high-volume securities transactions privately negotiated and executed outside the open market, contributed 6.7 percent.
NRB Bank Limited was the most-traded share with a turnover of Tk 20.2 crore.
Sector-wise, jute, miscellaneous and paper and printing were the top three to close in the positive, as per the day’s market update by UCB Stock Brokerage.
Non-bank financial institutions, general insurance and food and allied became the top three to close in the negative.
Large-cap sectors, meaning those that account for large amounts in market capitalisation, which the value of their shares at present, posted a mixed performance, said BRAC EPL Stock Brokerage in its daily market update.
Telecommunication booked the highest gain of 0.70 percent, while banking 0.19 percent and engineering 0.06 percent.
However, pharmaceuticals recorded a loss of 0.53 percent, alongside fuel and power (0.55 percent), food and allied (1.07 percent), and NBFI (1.50 percent).
Stylecraft Limited topped the gainers’ chart, increasing 9.89 percent.
Information Services Network, Safko Spinning Mills, Zahintex Industries, Midland Bank, Legacy Footwear, Jute Spinners, Zaheen Spinning and Kay & Que (Bangladesh) performed well.
National Feed Mills shed the most, losing 6.90 percent.
Premier Leasing & Finance, First Finance, Chartered Life Insurance Company, Phoenix Finance and Investments, Associated Oxygen, Prime Insurance Company and Janata Insurance also suffered losses.