Stock turnover dips below Tk 5.0b mark

Business Desk :
Stocks edged up on Thursday, snapping a two-day losing streak, as investors chased after some beaten-down stores, taking advantage of the recent correction in the market.
However, turnover dropped below Tk 5.0 billion-mark and amounted to Tk 4.84 billion, 20 per cent lower than the previous day.
After witnessing volatility, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 6.87 points or 0.11 per cent to settle at 6,220 after losing 30 points in the past two days.
Market insiders said the investors showed their buying interest in sector-specific issues, which they deemed as lucrative at the prevailing market prices in anticipation of quick gains.
Investors are chasing short-term gain opportunities as their willingness to take long-term positions in equities has weakened in the absence of a major trigger for the market to return to a persistent positive momentum.
However, cautious investors are being watchful and squeezed liquidation opportunities due to price restrictions. As a result, turnover dropped below Tk 5.0 billion mark.
Most of the issues remained unchanged due to floor price as 314 issues traded, 56 closed lower, and 50 advanced and 208 remained unchanged.
Rupali Life Insurance became the turnover leader, with shares of Tk 309 million changing hands, followed by Sea Pearl Beach Resorts, Olympic Industries, Bangladesh Shipping Corporation and ADN Telecom.