Stocks close modestly higher amid zigzag trade

Stocks finished with a modest gain amid zigzag pattern trade on Thursday after moderate rise in the previous session.

The market moved between red and green several times before closing higher pulled up by mainly insurers.

The benchmark index, DSEX, settled at 5,515, up by 27 points or 0.50 percent, hitting a high of 5,526 and a low of 5,496.

The Shariah-based index DSES edged 4 points or 0.47 percent to 1,248 and the blue-chip index DS30 gained 20 points or 0.97 percent to 2,112.

Among major sectors, food and allied, cement, general insurance and pharmaceutical sectors closed positive while all other sectors such as telecommunication, energy and textile sectors closed negative.

The turnover stood at over Tk 705 crore, down 8.8 percent over the previous session’s Tk 833 crore. Pharmaceuticals accounted for almost 20 percent of the total turnover.

Beximco Ltd was the most traded stock with shares worth Tk 88.75 crore, followed by Robi, Beximco Pharmaceuticals, GBB Power, British American Tobacco Bangladesh Company (BATBC), Orion Pharmaceuticals, and Lanka Bangla Finance.

Rahima Food and e-Generation almost neared to hit upper limit circuit breaker at 9.97 percent and 9.74 percent respectively. They were followed by Beacon Pharmaceuticals, Paramount Insurance, GBB Power and Orion Pharmaceuticals.

The worst losers included BATBC, Emerald Oil, CAN Textile, Family Textile and Tallu Spinning.