Stocks snap two-day losing streak

| Updated: August 26, 2022 09:53:20

Stocks snap two-day losing streak

Stocks rebounded on the gaining streak on Wednesday, snapping a two-day sharp decline, as bargain hunters went on late hours buying binge on lucrative issues.

They opened sharply lower and the key index lost about 60 points within the first hour of trading. However, late hours' buying spree on lucrative stocks helped the market to close marginally higher.

DSEX, the prime index of the Dhaka Stock Exchange, went up by 10.90 points or 0.16 per cent to settle at 6,584, after losing over 88 points in the past two consecutive sessions.

Two other indices also edged higher with the DSE 30 Index, comprising blue chips, gaining 8.80 points to close at 2,440 and the DSE Shariah Index (DSES) advanced 4.91 points to finish at 1,447.

Turnover, a crucial indicator of the market, stood at Tk 5.29 billion, which was 0.75 per cent lower than the previous day’s tally of Tk 5.32 billion.

Market operators said the optimistic investors showed their buying appetite on sector-wise stocks which faced correction in the recent price erosion.

Losers, however, took a modest lead over the gainers, as out of 380 issues traded, 185 declined, 130 advanced and 65 remained unchanged on the DSE trading floor.

Beximco was the most traded stock with shares worth Tk 538 million changing hands, followed by Sonali Papers & Board Mills (Tk 309 million), IPDC Finance Tk 211 million), Provati Insurance (Tk 149 million) and Square Pharma (Tk 142 million).

The newly listed JMI Hospital Requisite Manufacturing continued to top the gainer list for the tenth straight session, posting a 9.82 per cent gain while Takaful Islami Insurance was the day’s worst loser, losing 4.97 per cent following its corporate declaration.

The Chittagong Stock Exchange (CSE) also edged higher with the CSE All Share Price Index – CASPI –gaining 17 points to settle at 19,366 and the Selective Categories Index – CSCX—rising 10 points to close at 11,619.

Of the issues traded, 164 declined, 65 advanced and 42 remained unchanged on the CSE.

The port city bourse traded 6.43 million shares and mutual fund units while turnover was Tk 189 million.

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