Stock indices rise though 41% shares drop

Major indices of the share market in Bangladesh yesterday rose even though 41 per cent of the stocks depreciated in value while 51 per cent remained the same.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose by 4 points, or 0.07 per cent, to close the day at 6,285 points.

The DS30, an index comprised of blue-chip stocks, gained 0.26 per cent to reach 2,234 points while the DSES, which represents shariah-compliant companies, edged up 0.06 per cent to 1,369 points.

Of the securities traded, 29 advanced, 141 declined and 168 did not show any price movement.

Daily turnover of the DSE, which indicates how much trading activity took place during the session, dropped 4.6 per cent to Tk 553 crore.

The stock market inched up after a volatile trading session as bargain hunters cautiously showed their buying interest on sector-specific stocks with lucrative prices, International Leasing Securities said in its market review.

In continuation of corrections made the previous day, the market posted a moderate fall early in the session before going on to recover halfway through.

Among the sectors, travel rose 2.8 per cent, services increased 2.4 per cent and jute advanced 1.4 per cent while life insurance dropped 0.9 per cent, general insurance fell 0.6 per cent, and cement declined 0.1 per cent.

Investor activity was mainly focused on the IT sector, capturing 15.9 per cent of the day's total turnover, followed by pharmaceuticals with 13.1 per cent and miscellaneous with 11.3 per cent.

Olympic Industries topped the gainers list with an increase of 5.40 per cent. Meanwhile, Eastern Housing was up 5.33 per cent, Sea Pearl Cox's Bazar Beach Resort advanced 4.5 per cent, Dulamia Cotton rose 4.4 per cent, and Orion Pharma gained 3.6 per cent.

Pragati Life Insurance shed the most, losing 9.98 per cent, while Rupali Life Insurance, Eastern Cables, Popular Life Insurance, and Hwa Well Textiles suffered substantial losses as well.

Genex Infosys was the most-traded stock with shares worth Tk 56 crore having been transacted. The Bangladesh Shipping Corporation, Sea Pearl Cox's Bazar Beach Resort, Olympic Industries, and Orion Pharma also saw significant turnover.

Elsewhere in the port city, stocks listed with the Chittagong Stock Exchange (CSE) also rose.

The Caspi, the all-share price index of the CSE, gained 5 points, or 0.03 per cent, to close at 18,540.

Of the issues traded, 25 rose, 60 fell and 55 did not see any price movement.

Turnover of the port city bourse edged down 15 per cent to Tk 6.17 crore.