Stocks edge up amid volatility

Dhaka (Nov 24, 2020): Dhaka stocks closed almost flat amid volatility on Tuesday, as the investor sentiment was dampened by rising Covid-19 cases in the country.

The market began on a positive note in the morning, pushing up the key index rising around 30 points in the first half. Uncertainty prevailed in the second half, erasing most of the earlier gains.

At the end of trading, the benchmark DSEX Index recorded an increase of over 10 points or 0.3% to settle at 4,833, breaking three consecutive sessions of falls.

Among other indices, the DSES Index rose 4 points or 0.4 percent to 1,112 and blue chip DS30 Index was slightly up by 3 points or 0.2 percent to 1,674.

Investor sentiment was weighed down mainly by the deteriorating coronavirus situation, said a top stock broker. The lockdown affects business activities and thus corporate profits, he said.

The death toll surged to 6,448 after 32 died in the 24 hours to 8 am Tuesday, said the government in a statement.

The trading activities got a momentum as the turnover by value was Tk 671 crore. Out of the 349 issues traded, 179 closed higher, 71 declined and 99 remained unchanged.

Beximco Pharmaceuticals continued to dominate the trading floor, as it topped the turnover leader with shares worth over Tk 41 crore. Of the top ten turnover leaders, six came from the insurers, led by Nitol Insurance, Continental Insurance, Northern Insurance and Pioneer Insurance.

Apex Footwear was the top gainer with a rise of almost 10 percent as it earlier reported that its EPS was Tk 0.37 for July-September 2020 from Tk 0.35 recorded a year earlier.

Out of 10 top losers, seven came from mutual funds led by Exim First Mutual Fund, NCCBL Mutual Fund One and First Prime Mutual Fund.