Stocks edge higher in volatile trade

Dhaka stocks closed marginally higher in a volatile trade on Monday following the record-breaking rally in the previous two sessions.

The market moved between red and green several times during the trade as some investors opted for quick profit booking on concerns about a new variant of Covid-19.

The benchmark DSEX was slightly up 15 points or 0.29 percent to close at 5,344, extending the rally for the third consecutive session. The index hit a high of 5,352 and a low of 5,297.

Other indices, the DSES rose almost 5 points or 0.39 percent to 1,231 and blue-chip DS30 finished 8 points or 0.44 percent up to 1,924.

Shares of Robi Axiata were frozen at 10 percent upper circuit to Tk 24.70 a share on the DSE on its third trading day. The increase was capped by the regulatory limit for the stock.

Telecommunication sector led by Grameenphone helped the market to land in the positive territory while, among other major sectors, financials, general insurers, cement and ceramic sectors declined.

Volume of trade in value stood at Tk 1,347 crore, 12 percent down from Tk 1,529 crore seen in the previous session.

The current rally comes in the backdrop of economic uncertainty due to the new variant of Covid-19. While the indices hit records, the market may see some price correction for quick profit booking, analysts say.

Beximco Ltd was the most traded stock with shares worth Tk 130 crore changed hands. This is the highest transaction in a single day by a company in recent months.

It was followed by IFIC Bank, Beximco Pharmaceuticals, Lanka Bangla Finance, Square Pharmaceuticals, Lafarge Holcim Bangladesh and BD Finance.