• Friday, Dec 13, 2019
  • Last Update : 04:37 pm

Stocks post modest gains

  • Published at 06:28 pm November 3rd, 2013

Stocks continued to witness moderate gain for the second consecutive session on Sunday, driven by mainly low cap companies.

The market, however, began with negative note in the morning but the momentum got its pace with the progress of the session.

The benchmark DSEX index gained 25 points or 0.7% to close at 3,997 – its highest in four weeks.

The blue chip index DS30 rose 25 points or 1.9% to 1,434. The Chittagong Stock Exchange Selective Categories Index, CSCX, was up 60 points to 7,821.

“Investors preferred to book quick profit amid political uncertainty,” said Abdul Awal, managing director of Multi Services and Securities Ltd. He said lackluster trading also indicated that investors were cautious.

Trading activities, however, remained poor as the total turnover stood more than Tk3bn, which was 10% lower than previous session. Out of 278 issues traded, 169 gained, 86 declined and 23 remained unchanged.

IDLC Investment said a cumulative buying force again pushed DSEX to cross 4,000 level, but failed to sustain as the country’s political destination remained uncertain.

In the wake of a 60-hour countrywide hartal and probable continued divergence in political forces, smart money moved into blue chip stocks.

Profit taking on heavyweight banking stocks restricted higher gains as the sector shed 1.9%. Pharmaceuticals and IT sectors closed marginally lower.

Most of the sectors ended in green. Cement sector gained around 4%, riding on Heidelberg Cement that rose 8.7%.

Among other major sectors, power rose 3.3%, followed by telecommunication 2.8%, financial institutions 1.2%.

Significant concentration has been observed in textile and power sectors, making up 26% and 15% of total turnover. Issues from textile and power sectors also dominated the top ten turnover chart.

RN Spinning was the most traded stock of the session with turnover worth Tk154m changing hands, followed by Envoy Textile, Grameenphone, Heidelberg Cement, Meghna Petroleum, Padma Oil and Jamuna Oil.