Stocks end lower after two-day rise

Business Report :
Stocks slipped into the red on Thursday, snapping a two days’ winning streak, as risk-averse investors opted for short-term gains.

Although the market edged lower, the general insurance stock price soared and dominated the gainer’s chart.

Following the previous two days’ gain, the market opened higher but failed to sustain until the end of the session amid moderate volatility in the mid-session.

DSEX, the broad index of Dhaka Stock Exchange, finally went down by 2.85 points to settle at 6302, after gaining 21 points in the past two trading days.

The DS30 Index, which consists of blue-chip companies, also fell 3 points to close at 2,134 and the DSES index, which represents Shariah-based companies, dropped 2.85 points to 1,360

Turnover, the crucial indicator of the market, rose to Tk 6.97 billion, which was 5 per cent higher than the previous day’s turnover of Tk 6.63 billion.

Market analysts said the insurance stocks safe the market from major fall as eight out of top ten gainers came from the insurance sector.

Small-cap Fu-Wang Food kept its dominance in the turnover charts with shares worth Tk 334 million changing hands, followed by Eastern Insurance, Continental Insurance and Gemini Sea Food.