Dhaka stocks gained on Monday after two sessions in the red as the participation of the big investors, including the Investment Corporation of Bangladesh, kept the market afloat.
The benchmark general index of the Dhaka Stock Exchange, DSEX, gained 0.62 per cent, or 21.82 points, to close at 3,515.09 points on Monday.The DSEX had lost 32.86 points in the previous two trading sessions while it had lost 348 points in the last two weeks.
After two sessions in the red, the market finished on the up on a day when there was a general strike. This means it is not the real picture of the market. Some buy pressure may be the reason behind the day’s gain, said market operators.
Most of the investors had lost their confidence in the market due to the prevailing downtrend amid political unrest. The situation is unlikely to improve until the political stability is restored, they added.
The daily turnover of the bourse is not significant, whereas it could have recorded Tk 700 crore every day considering the capacity of the investors, said the operators.
Many of the investors have withdrawn their funds from the capital market as they had felt the market was insecured for investment because of the ongoing political turmoil, they further said.
Usually there is no sell pressure, but a major portion of the investors did not have the ability to buy because of the recent fall in the capital market, another stockbroker said.
If they get the chance to participate on the trading floor that may help them to come out of the present situation, he said.
DGEN, the old benchmark general index of the bourse, lost 0.40 per cent, or 14.74 points, to finish at 3,665.42 points while the blue-chip index of DSE, DS30, declined by 0.44 per cent, or 5.73 points, to finish at 1,306.44 points.
The turnover of the bourse increased to Tk 147.52 crore, which was Tk 29.02 crore higher than the earlier trading session’s Tk 114.34 crore.
Of the 267 shares and mutual funds traded on the day, 204 advanced, 49 gained and 14 issues remained unchanged.
All the mutual funds but four gained on the day.
‘Turnover went slightly up over contrarian views after recent decline. Especially, with many stocks reaching historical lows, lucrative prices seemed to improve interest amid investors. Meanwhile, Mutual fund continued up momentum, as most of the listed funds have reached very low Price compared to NAV,’ IDLC Investments said in its daily market commentary.
United Air topped the turnover list as its shares worth Tk 7.06 crore traded on the day.
ICB Employees Provident MF One: Scheme One led the gainers’ list as its shares went up by 10 per cent while Argon Denims lost the most, 17.84 per cent.
-With New Age input
