Stocks end flat amid volatility
BI Report || BusinessInsider
Stock market
Dhaka (Nov 26, 2020): Dhaka stocks closed marginally higher amid volatility on Thursday, as rising corona cases put damper on investor sentiment.
The benchmark DSEX staged a turnaround after overcoming initial sharp volatility and finished virtually flat on investors' optimism amid heavy buying in general insurance stocks.
The index swung between a high of 4,879 and a low of 4,860 for, before settling at 4,869, showing a gain of 7 points or 0.14 percent on the Dhaka Stock Exchange (DSE).
Among other indices, the DSES Index witnessed mere rise of 1 point or 0.2 percent to 1,118 and blue chip DS30 Index rose 7 points or 0.46 percent to 1,689.
Spike of corona infections weighed down investors’ sentiment, making the market volatile, traders commented.
General insurance stocks witnessed good buying interest, while, cement, NBFI, Engineering and jute succumbed to sell-off.
Investors’ participation in trading continued to increase as the volume of trade in value increased by 25.81 percent to Tk 758 crore from the previous day. General insurance accounted 38 percent of the total turnover.
Losers and gainers almost remained the same as out of the 335 issues traded, 120 closed higher, 119 declined and 96 remained unchanged.
Insurance sector were in focus throughout the day without any fundamental reason, as top five gainers were from the insurers.
Pragati Insurance, Green Delta Insurance, Reliance Insurance, Prime Insurance, CAPM IBBL Mutual Fund and Shinepukur Ceramics were the top gainers.
Baraka Power continued to lose its shine after negative earnings report, falling more than 9 percent. Other key losers included SEMLFBSL Growth Fund, First Prime Mutual Fund, ICB 3rd Mutual Fund and AIBL First Mutual Fund.
Beximco Pharmaceuticals returned to the top spot of turnover after being knocked down by Nitol Insurance in the previous session. Beximco Ltd came in second, followed by Nitol Insurance, Green Delta Insurance, Mercantile Insurance, Sonar Bangla Insurance, Islami Insurance and Pragati Insurance.
