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Stocks edge higher amid volatility

  • Published at 04:22 am May 29th, 2013
Stocks edge higher amid volatility

Stocks edged higher amid volatile trading yesterday as investors remained confused over the government’s plan to refinance scheme for the institutional participants.

The market began with flying start as all indices moved up 50 points in the morning, but late selling pressure cut early gains.

The benchmark DSE General Index, DGEN, rose 19 points or 5.73% to 3977, after sharp rise in the previous session.

The new benchmark, DSEX, gained 10 points or 0.26% to 3758. The DSE30 ended 3 points or 0.25% higher to 1381.

The Chittagong Stock Exchange Selective Category Index, CSCX, soared 17 points to 7410.

Bangladesh bank’s approval on refinancing scheme for institutional participants and expectations over upcoming meeting of capital market stakeholders with a parliamentary committee had formed hype as session started, said IDLC Investment in its daily market analysis.

As sentiment moved back and forth amid budgetary and turnaround expectations, upward momentum lost its pace over insubstantial confidence, it also said.

However, activity remained upbeat over persistence of buying spree, pulling turnover to Tk2.4bn, an increase of 26.5% over the previous trading session.

Mutual funds came to spotlight on the day as the fund registered the highest amount in turnover with market capitalisation rising 1.69%.

Other sectors mostly closed flat, with financial institutions rising 1.46%, telecommunications 0.85%, pharmaceuticals 0.60%, power 0.60% and banks 0.06%.

The top traded stocks included Orion Pharma, United Airways,

Summit Purbanchol Power Company Ltd, Grameen Scheme Two Mutual Fund, CVO Petrochemical Refinery Limited, Aamra Technologies, Bangladesh Submarine Cable Company Ltd and Golden Harvest Agro Industries Ltd.