Dhaka stocks remain afloat for 3rd day

Staff Correspondent | Published: 20:17, Jan 25,2023

 
 

A representational image of stock market. -- File photo.

Dhaka stocks managed to remain afloat for the third day on Wednesday as a section of investors made investments in the market with expectation of good returns, market operators said.

DSEX, the key index of the Dhaka Stock Exchange, added 2.09 points, or 0.03 per cent, and settled at 6,293.39 points on the day against 6,291.30 points in the previous trading session.


Most of the investors remained cautious amid the ongoing economic worries in the country while a group of investors was busy to inject fresh funds into the market as the share prices of some good performing companies came down to a lucrative level, market operators said.

They said that the market momentum had shifted to particular sectors that investors perceived as an opportunity to harness quick gains.

However, the overall market situation remained gloomy amid the investors’ concern over an increase in gas prices, they said.

The government in an executive order on January 18 increased retail piped gas prices under four consumer categories by up to 179 per cent with effect from February 1.

Businesses said that the cost of production would increase abnormally due to the gas price hike and it would also fuel the inflation rate in the country and livelihoods in coming days.

The market operators said that shares of only a few companies were traded that kept the market dull.

The Dhaka bourse observed an increase in participation as the total turnover increased by 17.27 per cent to Tk 734.60 crore on Wednesday as against Tk 607.64 crore on Tuesday.

The floor price withdrawal from 169 companies on December 21 created panic among the investors and made the overall market situation more complex, the market operators said.

The Bangladesh Securities and Exchange Commission on July 28, 2022 imposed floor prices on all companies to prevent share prices of the companies from falling beyond a certain level amid economic worries in the country.

Popular Life Insurance, Progressive Life Insurance, Aamra Networks, Rupali Life Insurance, Fareast Islami Life Insurance, Prime Islami Life Insurance, Sea Pearl Beach Resort and Spa, MIDAS Financing, Pioneer Insurance and National Housing Fin were the top 10 gainers considering their closing prices on the day.

Gemini Sea Food, Navana Pharma, Intraco Refueling Station, Malek Spinning Mills, Orion Infusion, Orion Pharma, Genex Infosys, Kohinoor Chemicals, Monno Ceramic and JMI Hospital Requisite Manufacturing were the top 10 losers considering their closing prices on the day.

Out of the 346 issues traded on the day, 38 advanced, 129 declined, and 179 remained unchanged on the day.

The DS30 index also increased by 1.72 points to finish at 2,228.70 points and the DSE Shariah index increased by 0.04 points to close at 1,372.26 points on the day.

Genex Infosys topped the turnover chart with its shares worth Tk 42.47 crore changing hands.

Aamra Networks, Unique Hotel and Resorts, Bashundhara Paper Mills, Eastern Housing, Bangladesh Shipping Corporation, Meghna Life Insurance, Gemini Sea Food, BDCOM Online and Intraco Refueling Station were the other turnover leaders on the day.

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