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Stocks edge higher amid cautious trading

  • Published at 06:10 pm November 6th, 2013

Stocks edged higher amid cautious trading on Wednesday, driven by heavy weight banks that continued to dominate the trading.

The market opened on a positive note but profit taking on some issues mainly the power sector restricted some gains.

The benchmark DSEX index gained 21 points or 0.6% to close at 4,112, extending its gaining streak for the fifth consecutive session.

However, the blue chip index DS30 fell 8 points or 0.6% to 1,435. The Chittagong Stock Exchange Selective Categories Index, CSCX, was marginally up 9 points to 8,009.

The market went through volatility with slight improvement in turnover and DSE index, said Zenith Investments in its market analysis.

Investors seemed to be more active in generating quick return and indecisive for long term positioning, it said.

In the short-term, the market was getting extended with slightly improved turnover amid cautious trading attitude of market makers, said Lanka Bangla Securities in its market analysis.

Market indicators signal the fundamentals, not the uncertainty around the market, would be the driving factor in the coming days, it said.

However, the market breadth remained negative as out of 284 issues traded, 127 gained, 138 declined and 19 remained unchanged. The total turnover at the prime bourse amounted to Tk3.9bn, which was 0.3% higher than the previous session.

Banks, making up more than 30% of the total market cap, continued to advance for the third consecutive session, contributing to pull up the market.

The largest sector saw the highest gain of 2.5%, led by IFIC Bank that was the top gainer as it closed 9.2% higher.

Banks also dominated the top ten gainer’s chart as five of them featured in the list. Telecommunications ended 0.8% higher.

The other majors pharmaceuticals, non-banking financial institutions and textiles edged down. Power sector saw sharp correction with a fall of more than 2%.

United Commercial Bank was the most traded stock of the session with turnover worth over Tk140m changing hands, followed by Beximco Ltd, IFIC Bank, Heidelberg Cement, Titas Gas, Argon Denim, Envoy Textile, City Bank, Active Fine, Padma Oil and Mercantile Bank.