Stocks post 3-day gain amid surge in stock sales

A file photo shows investors monitoring share price movements on a computer screen at a brokerage in the capital Dhaka. Shares in Dhaka fell on Sunday after gaining in the previous three sessions as investors sought profits. — New Age Photo

Shares in Dhaka fell on Sunday after gaining in the previous three sessions as investors sought profits.

The DSEX, the key index of the Dhaka Stock Exchange, fell 0.33%, or 21.71 points, to close at 6,538.29 points on Sunday after gaining 128.66 points in the previous three sessions.

The market ended on a negative trajectory as investors turned to selling stocks for profits, market operators said.

The market has gained around 560 points in recent days after the price floor system was restored.

Bangladesh’s Securities and Exchange Commission on July 28 imposed a floor price on all companies to prevent company stock prices from falling beyond a certain level.

Due to the barrier of falling prices, investors regained their confidence and bought stocks, they said.

Market operators said many investors had no better options to invest their idle funds during the current difficult economic situation in the country which has pushed them into the stock market.

Prior to the surge, the market had been on a downtrend for seven months amid various economic worries including rising inflation, record trade deficit, energy crisis and continued decline in foreign exchange reserves and volatility. currencies.

Of the 382 issues traded on Sunday, 219 fell, 45 advanced and 109 remained unchanged at the DSE.

Soaring share prices of the BEXIMCO group of companies, which included BEXIMCO, Beximco Pharmaceuticals, IFIC Bank and Shinepukur Ceramics, saved the market from a significant drop as all four companies added 27 points to the DSEX on Sunday.

EBL Securities in its daily market commentary said: “The Dhaka Stock Exchange ceased its upward trend after a three-day rise as sellers outnumbered buyers on the trading floor as investors continued partial liquidations of their holdings and sought to rebalance their portfolios by moving towards particularly important companies. -cap stocks that are trading at a lucrative price level after posting profits on recent fast-gaining stocks.

The turnover on the DSE declined to Tk 1,691.56 crore on Sunday from that of Tk 1,877.76 crore in the previous session.

The DS30 index fell 2.87 points to end at 2,373.3 points and the DSE Shariah index lost 9.1 points to close at 1,432.14 points.

BEXIMCO topped the turnover chart with its shares worth Tk 251.87 crore changing hands.

Other revenue leaders were Orion Pharma, Shinepukur Ceramics, LafargeHolcim Bangladesh, Beximco Pharmaceuticals, Orion Infusions, Nahee Aluminum Composite Panel, ACI Formulations, Bangladesh Shipping Corporation and JMI Hospital.

Ratanpur Steel Re-Rolling Mills Limited was the best performer of the day, posting a gain of 10%, while Beacon Pharmaceuticals was the worst loser, losing 7.92%.