Stocks gain amid caution

Dhaka stocks ended on a positive note for the second consecutive session amid cautious trading due to the second round of spiking Covid-19.

The market briefly went in red in early trade, but largely remained positive at closing.

On Tuesday, DSEX — the benchmark index of the Dhaka Stock Exchange — rose over 33 points or 0.69% to end at 4,905. The index hit an intraday high of 4,909 and intraday low of 4,864.

The DSES index was up almost 4 points or 0.35% to close at 1,126 while the DS30 index gained over 7 points or 0.42% to 1,704.

Trading volume remained almost the same compared to the previous session as the turnover stood at Tk790.9 crore — a marginal increase from Monday’s Tk790 crore.

“Overall market remained range bound, as the coronavirus situation prevails across the globe once again,” said a top stock broker.

Investors remained cautious as spiking Covid-19 infections raised the probability of a new round of economic shutdowns, he said.

Investors showed interest in the banking sector that rose by 2.11% and turnover in the sector also doubled compared to the previous session. Non-bank financial institutions also performed remarkably well, rising 2.45%.

Mutual funds that increased over the last two weeks declined 6.47% on profit-taking. Out of total 347 issues traded, 150 closed in green and 127 declined while the value of 70 stocks remained unchanged.

Beximco Pharmaceuticals remained the most traded stock for the second straight day with shares worth Tk45.7 crore changing hands, followed by Brac Bank, Beximco, Asia Insurance, Grameen Scheme Two, Square Pharmaceuticals, Exim First Mutual Fund, Islamic Insurance Associated Oxygen Limited and Al-Arafah Bank.

Miracle Industries was the top gainer, increasing by 9.9% to Tk23.3 per share despite its negative third quarter earnings.

a multinational drug company, was the top loser with a fall of more than 11% in its first trading day after the record date.