Index rises, but most stocks bleed

Stocks in Bangladesh rose although most of the stocks bled today.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), gained 7 points, or 0.11 per cent, to 6,185.

The DS30, the blue-chip index, went up 0.03 per cent to 2,192 while the DSES, the index that represents shariah-based companies, advanced 0.08 per cent to 1,352.

Turnover, an important indicator of the market, increased 35 per cent to Tk 198 crore which was Tk 145 crore on the previous day.

Among the traded companies, 44 advanced, 119 declined and 169 remained the same.

A stock market analyst said the market rose due to the big gains of some companies as the indices of most stocks were not allowed to fall more than 1 per cent.

The Bangladesh Securities and Exchange Commission lifted the floor price from 169 companies in last month, but the regulator has set the circuit breaker so that the companies' stock prices cannot drop more than 1 per cent based on the previous day's closing price.

However, the limit for a rise remains unchanged at 10 per cent, the BSEC said in an order earlier.

So, the rise of the index is not showing the real picture of the market, the analyst added.

Islami Commercial Insurance posted the highest appreciation, rising 9.73 per cent while Bashundhara Paper Mills surged 4.76 per cent and Aamra Networks 4.56 per cent.

Orion Infusion suffered the sharpest fall, sliding 7.49 per cent. Queen South Textile Mills also dropped by over 5 per cent.

Orion Infusion was the most-traded stock on the day with its shares worth Tk 25 crore transacted. Intraco Refueling Station, Monno Ceramic Industries, Bashundhara Paper Mills, and Orion Phrama also saw significant transactions.

The Caspi, the all-share price index of the CSE, decreased 12 points, or 0.06 per cent, to end the day at 18,271.

Of the securities, 29 advanced, 39 declined, and 102 did not show any price movement.