Dhaka, Bangladesh (BBN) – Bangladesh’s stocks edged higher for fourth session on Wednesday amid choppy trading as investors were active on both sides of trading fence just ahead of year-end.
Brokers said the market maintained the positive movement having optimistic support of sector specific stocks while some rebalanced their portfolio ahead of year-end as only one trading session is left in 2016.
After breaking the major ‘psychological’ threshold of 5,000-mark in the previous day, the market started with a flying note and the prime index of the major bourse reached at 5,040 points within first 10 minutes of trading.
However, it came down to 5,002 points within 30 minutes of trading, shedding all the early gain.
But rest of the session saw some buying, ultimately ended 11 points higher.
After one hour of trading, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 7.78 points or 0.16 percent to stand at 5,024.53 points.
After two hours of trading at 12:30pm, the market remained volatile with the key index of the DSE fell 2.27 points, while the Selective Category Index of port city bourse lost 23.50 points.
When the market closed, DSEX, the prime index of the DSE, went up by 11.17 points and Selective Categories Index – CSCX – of the port city bourse edged higher gaining 7.88 points.
At the end of the session, DSEX, the prime index of the DSE, went up by 11.17 points or 0.22 percent to settle at 5,027.92 points, which was the highest level of DSEX since November 3, 2014, when DSEX was 5,065.14.
The two other indices also finished higher. The DS30, comprising blue chips, advanced 0.99 points or 0.05 percent to finish at 1,808.45 points.
The DSE Shariah Index (DSES) gained 6.77 points or 0.57 percent to close at 1,189.00 points.
Turnover, the most important indicator of the market, also came down to BDT 9.38 billion on the DSE, which was 22.48 percent lower over the previous day’s BDT 12.10 billion.
The gainers took a strong lead over the losers as out of 327 issues traded, 165 closed higher, 129 closed lower and 33 remained unchanged on the DSE trading floor.
IFAD Autos dominated the DSE turnover chart with about 2.68 million shares worth BDT 262 million changing hands, closely followed by Bangladesh Building Systems BDT 254 million, Central Pharmaceuticals BDT 244 million, LankaBangla Finance BDT 209 million and Appollo Ispat Complex BDT 206 million.
EBL NRB Mutual Fund was the day’s highest gainer, posting a 10 percent gain, while Modern Dyeing was the worst loser, losing 6.32 percent.
The port city bourse, the Chittagong Stock Exchange (CSE), also edged higher with its Selective Categories Index – CSCX – gaining 7.88 points to settle at 9,368.02 points.
Gainers beat losers as 129 issues closed higher, 102 closed lower and 32 remained unchanged on the CSE.
The port city bourse traded 27.68 million shares and mutual fund units’ worth over BDT 612 million in turnover.