Stocks rise before nine-day Eid holiday

Highlights 

• DSEX surges 5 points to settle at 5,219
• Turnover declines to Tk315cr
• Most of stocks saw price surged 
• Stock trading to be closed in the next week 
• Stock trading resumed from 6 April 

Dhaka stocks advanced today (27 March), the last trading session of the week and the final session before the nine-day holiday for Eid-ul-Fitr.

The benchmark index, DSEX, of the Dhaka Stock Exchange (DSE), rose by 4.95 points to settle at 5,219, although turnover remained subdued. However, most stocks, basically fundamental stocks saw an increase in prices. 

With the surge on the last day of the week, stocks continued to rise for three consecutive sessions.

Due to the public holiday on Wednesday, stocks continued trading for four days instead of the normal five days.

In the four trading sessions of the week, stocks surged in three sessions, with the DSEX recovering 35 points, while it lost 18 points in the first session.

Meanwhile, market turnover remained sluggish, declining by 18.5% to Tk315 crore against Tk386 crore in the previous session. 

A week for closure

Owing to the declaration of an additional one-day vacation, the stock market will remain closed for a week, and no trading will take place from March 30 to April 3 during Eid-ul-Fitr. 

With the usual Eid vacation, the government has declared a holiday for 3 April.

With the weekly holidays on Friday and Saturday, the stock market will remain closed for nine consecutive days.

In a disclosure, the DSE stated that regular trading and official activities will resume on 6 April.

Trading will continue from 10:00 am to 2:20pm, with a post-closing session from 2:20pm to 2:30pm. The DSE office will operate from 9:00am to 5:00pm.

A brief on market

According to DSE data, the stocks opened on a positive note today as investors showed appetite on the buying side.

After continuing the trend for 48 minutes, selling pressure took over the market, and stocks turned negative. Later, buying pressure surged again, pulling the indices into the green.

Of the traded stocks, the prices of 178 rose, 148 declined and 71 remained unchanged. 

Mutual funds lead the gainers' chart, with eight of the top 10 gainers being mutual funds. 

AB Bank 1st Mutual fund topped the gainer chart with 9.75% gain for its per unit to Tk4.5, followed by Shinepukur Ceramics by 9.62% to Tk26.2, First Janata Bank Mutual Fund by 9.37% to Tk3.5, S Alam Cold Rolled Steels by 8.05% to Tk29.5 and Prime Bank 1st ICB AMCL Mutual Fund by 6.66% to Tk4.8. 

On the other hand, Beach Hatchery topped the losers' list as its share price declined by 9.39% to Tk110, followed by EBL First Mutual Fund by 7.92% to Tk5.8, Premier Leasing & Finance by 5.40% to Tk3.5, Usmania Glass Sheet Factory by 4.78% to Tk33.8, and IPDC Finance by 4.49% to Tk17. 

EBL Securities in its daily market commentary said the benchmark index of the capital bourse extended its gaining streak to three consecutive sessions in the last trading session before Eid vacation as buyers showed interest in certain large-cap scrips, while overall market sentiment remains cautious.

"The market opened on a positive note, pulling the benchmark index to an intraday high of 5,229 points. However, selling pressure later emerged as some investors opted to book short-term profits from their recently appreciated holdings, inducing some volatility to the benchmark index, it reads.