Stocks return to black despite political chaos

Investors somewhat shook off pessimism inflicted by the nonstop blockade to buy stocks back to black yesterday, breaking a four-day losing streak.

DSEX, the benchmark general index of the Dhaka Stock Exchange, rose 14.74 points or 0.31 percent, to close at 4,797.96.

The shariah index of the Dhaka bourse, DSES, gained 1.98 points or 0.17 percent, to close at 1,136.34.

The BNP-led alliance’s blockade that continued for the 17th day led many investors to place buy orders through mobile phone.

However, poor turnover showed that the ongoing political crisis has dented investor confidence.

Turnover, the most important indicator of the market, declined 20.9 percent to Tk 223 crore, compared to the previous day, the lowest in the last fortnight.

Buyers gained some pace after last four trading sessions closed red, said LankaBangla Securities.

However, market sentiments remained shaky as investors have not yet digested the political jolts fully, the stockbroker said.

The market took a pause after a streak of brutal selloffs, while majority of the investors preferred staying on the sidelines to assess market sentiments, said IDLC Investments.

Among the major sectors: banks reverted with 0.38 percent gains in market cap followed by fuel and power’s 0.42 percent, textile 1.22 percent and pharma 0.44 percent.

Gainers outnumbered losers as 180 advanced,           89 declined and 37 issues remained unchanged on the DSE.

C&A Textiles became the top turnover leader for the second day with 50.06 lakh shares worth Tk 11.94 crore being traded, followed by Lafarge Surma Cement, National Feed Mill, IDLC Finance, Western Marine Shipyard, Grameen-phone and Brac Back.

The textile maker also became the top gainer of the day with 19.09 percent gain, while Pragati Life Insurance was the worst loser, plunging by 4.12 percent.

The Chittagong bourse’s CSCX index gained 39.26 points to 8,924.84.

Only 130 issues advanced, 59 declined and 31 remained unchanged on the port city bourse.

A total of 83.76 lakh shares and mutual fund units traded on the CSE, generating Tk 26.41 crore in turnover.