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Dhaka Tribune

Stocks edge higher amid volatility

Update : 31 Oct 2013, 06:47 PM

Stocks edged higher amid volatility yesterday, a day after falling on profit taking.

The benchmark DSEX index rose 22 points or 0.6% to close at 3,967. The blue chip index DS30 gained 5 points or 0.5% to 1,408. 

The Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, closed at 7,762 with a rise of 22 points.

The turnover adjusted downward from previous session with investors’ shaky sentiment, as they remained cautious and ‘watchful’ over the dynamic turnaround situations, according to stock dealers.

The DSE total turnover stood at Tk3.6bn, which was more than 8% lower than the previous session.

“Keeping alignment with investors’ psychology throughout the session, the bourses ended marginally higher,” said IDLC Investments in its market analysis.

Focusing on quarterly earnings and ongoing political dynamism, investors’ highlighted mixed scenario of profit booking and re-balancing, it said.

In scrip-wise swings prevailed with 53 out of 284 traded scrips changing more than 4% of their respective prices.

Investors were getting out of bank scrips as some of those showed negative earnings in the latest quarter and were re-positioning in fundamentally strong other large cap scrips, said IDLC.

Market performance for this week was quite good, contrary to previous couple of weeks.

“The investors are cautious about political agenda but at the same time it seems that they are also exhausted of the continuing ‘wait-and-see’ strategy, for which they have slowly started indulging themselves into the market increasing active participation in the bourse,” said Zenith Investments.

Given the optimism of general investors, the positivity of the market is expected to stretch further, said the Zenith Investments.

Gainers took a modest lead over the losers as out of 284 issues traded, 172 advanced, 88 declined and 24 remained unchanged in the prime bourse.

Among the major sectors, telecommunications saw the highest gain of 3%, followed by financial institutions that rose 3%.

Other sectors - fuel and power, banks and pharmaceuticals closed marginally higher.

Among all sectors, life Insurance showed the best performance with a rise of 4%, featuring three issues in top ten gainers chart.

Beximco Limited was most traded stocks with shares worth Tk158m changing hands followed by Generation Next Fashion, National Bank Ltd, United Commercial Bank Ltd and Malek Spinning.  

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