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Stocks rally on speculative buying

WT24 Desk

Stocks maintained upward movements for the second session of this week on speculative buying ahead of quarterly earning declaration of listed securities, Agencies report. The broader DSEX price index of Dhaka Stock Exchange (DSE) gained nearly 12 points to finish the day at 4676.75, with the blue-chip DS30 and Shariah DSES easing further up at 1753.80 and 1119.67 respectively.

The daily trade volume, however, declined by 3.84 percent to 18.46 crore shares and the value fell by 6.10 percent to Taka 607.16 crore due to cap-focused buying.  Market analysts said that most of the buyers were active around mid and small cap groups that resulted in price rise of majority of the issues traded of these two cap categories.

“Some large-cap stocks also got buyers’ preference as to safeguarding the investors’ position against any volatility towards the year end,” said Lanka Bangla Securities Limited.

The market remained in favour of sellers while 156 securities closed higher against 121 losing issues. Among the major sectors, bank, engineering and NBFI advanced when food and allied, fuel and power and cement declined. The day’s major gainers were DSSL, Regent Textile, Quasem Drycell, Salvo Chemical and Central Insurance were the day’s top five major gaining issues when the major losers were MHSML, Fu Wang Food, BD Autocars, Kay and Que and Dulamia Cotton.

Shasha Denim topped the turnover leaders followed by BBS, Quasem Drycell, GHAIL and Acme Lab.  Chittagong Stock Exchange (CSE) also continued to rise on Wednesday, with its CASPI index ending nearly over 55 points up at 14388.24.

The daily transaction at CSE, however, was down while the trade volume fell to 1.23 crore shares from Tuesday’s 1.24 crore and value declined to Taka 35.83 crore from Taka 40 crore of the previous session.

Out of the traded 247 issues, 130 closed up against 78 lagging securities.

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