Stocks edge back into positive territory

Stocks on Monday edged back into positive territory following the prior session’s sharp setback as opportunistic investors engaged in bargain hunting while closely monitoring developments around the Middle East tensions, although persistent caution over the unresolved fuel crisis and perceived uncertainties surrounding the government’s austerity measures continued to keep the overall market participation subdued.

DSEX, the broad index of the Dhaka Stock Exchange, gained 10.3 points to settle at 5,123 points as against 5,112 points in the previous trading session, reports BSS.

Although the market opened on a positive note, adding nearly 75 points within the first 30 minutes of the session, morning optimism faded gradually with the market encountering a bout of selling pressure that briefly reversed the move and dragged the indices back toward flat territory.

Meanwhile, market turnover decreased by 8 per cent to Taka 4.7 billion from Taka 5.1 billion in the previous session.

On the sectorial front, Pharma (15.1pc) accounted for the highest share of turnover, followed by Engineering (13.8pc) and General Insurance (10.pc) sectors.

Sectors mostly displayed mixed returns, out of which Cement (0.6pc), Mutual Fund (0.6pc) and Bank (0.5pc) exhibited the most positive returns, while IT (-0.8pc), Jute (-0.6pc) and Telecom (-0.4pc) displayed the most corrections on the bourse on Monday.

Of the 397 issues traded, 148 advanced, 171 declined, and 77 remained unchanged. The port city bourse, CSE, also settled on a positive territory. The Selective Categories’ Index (CSCX) and All Share Price Index (CASPI) declined by 6.6 points and 8.3 points, respectively.