Dhaka stocks inched up on Wednesday after two sessions in the red, but the turnover went up thanks to increased participation of the investors and profit taking sell-offs.
The benchmark general index of Dhaka Stock Exchange, DSEX, closed at 4,212.72 points, adding 0.35 per cent, or 15.01 points. DS30, the blue-chip index of the bourse, finished flat at 1,443.44 points, gaining 0.32 per cent, or 4.73 points, on Wednesday.
The turnover of the bourse increased to Tk 471.28 crore from the previous session’s Tk 381.03 crore.
Of the 278 shares and mutual funds traded on the day, 188 advanced, 71 declined and 19 remained unchanged.
Investors were probably thinking that the market would not fall further at the fag-end of the government’s tenure, which might be a reason behind the increased participation of the investors in the market, said market operators.
Some state-owned institutions might have played a role to tackle the profit-taking sell-offs and keep the market afloat, they said.
Despite two-third of the traded scrips’ prices increasing, their effect on the indices was little as most of the banks and large capitalised companies declined on the day, they said.
‘As the surge in bank sector sedated, alpha hunters scrambled, seeking superior return from other undervalued investment opportunities,’ IDLC Investments said in its daily market commentary.
‘Much of the extensive search ended in Textile pushing its turnover to Tk 1.25 bn level and generating 2.47 per cent return. Alongside, scrip wise swings were also observed in today’s [Wednesday] session, resulting from recent mixed earning declarations,’ it also said
Generation Next Fashions led the turnover chart as its shares worth Tk 47.77 crore changed hands.
RN Spinning Mills, Golden Son, Padma Oil, Argon Denims, Tallu Spinning, Unique Hotel and Resorts, Envoy Textile Mills, UCB and Grameenphone were the day’s other turnover leaders.
Anilima Yarn Dyeing gained the most on Wednesday as the price of its shares went up by 10 per cent, while Rahim Textile lost the most, 13 per cent.
-With New Age input
