Bourses’ 6-day Eid closure begins today
Dhaka stocks gained on Monday, the last trading session before the Eid vacation, after a four-day fall as some institutional investors bought shares to avail lower prices of securities.
Dhaka and Chittagong stock exchanges will remain closed in August 6-11 on the occasion of Eid-ul-Fitr, one of the biggest religious festivals for Muslims.
On Monday, the benchmark general index of Dhaka Stock Exchange, DSEX, advanced by 1.52 per cent, or 58.44 points, to finish at 3,891.97.
The DSEX had lost 141.59 points in the previous four trading sessions.
The blue-chip index of the DSE, DS30, finished at 1,468.05 points, advancing by 1.88 per cent or 27.14 points.
Market operators said stocks gained as some institutional investors were active on the trading floor to avail lower prices of shares after a four-day fall.
They said a section of retail investors also bough shares on the day, hoping that market might not fall further as the DSEX had already lost around 600 points in the recent downtrend.
The market lost ground in recent weeks as investors kept them off the trading floor, anticipating political unrest after the Eid.
‘Post-Eid market situation will depend on the political situation,’ a merchant banker said.
Of the 279 shares and mutual funds traded on the day, 225 advanced, 43 declined, and 11 remained unchanged.
The turnover of the bourse increased to Tk 215.20 crore on Monday from the previous session’s Tk 203.81 crore.
‘Closing session ahead of Eid-ul-Fitr stepped up with investors’ hub in lucrative scrips,’ IDLC Investment said in its daily market commentary.
‘Last few sessions’ continuous price wane acted as the core catalyst and created some stimulus of undervaluation, which lured some of the witty participants to take position and create a natural re-bounce again,’ it said.
‘Scrip wise swings were visible from the very beginning and continued throughout the session. Meanwhile, investors were upholding their judgment to be much more careful in respect of their day-to-day trading as they were observing turnaround situations, especially upcoming political developments,’ it also said.
Olympic Industries led the turnover leaders with its shares worth Tk 21.46 crore changing hands on the day.
Meghna Petroleum, Bangladesh Submarine Cable Company, Square Pharmaceuticals, Padma Oil, Grameenphone, Jamuna Oil, Argon Denims, Titas Gas and United Airways were also among the turnover leaders.
Renwick Jajneswar gained the most as its share price increased by 9.16 per cent while Familytex lost the most on the day by shedding 10 per cent.
The DSE on Sunday downgraded the company to ‘Z’ category from ‘N’ category.
-With New Age input
