Stocks rally for 2nd day amid rising turnover

Dhaka stocks closed higher for the second consecutive session amid higher turnover.

The benchmark index DSEX was up 0.48 per cent or 29 points at 6,112. In two days, it gained almost 60 points, marginally recovering from 314 points lost in the previous nine trading sessions.

The blue-chip index DS30 was up 0.12 per cent or 1.6 points at 1,333, the Shariah-based index DSES gained 0.58 per cent or about 12 points at 2,190.

“Dhaka stocks witnessed a significant upsurge in the early hours of trading, riding on some recent regulatory moves, but were unable to maintain the morning optimism as some investors perceived it as a profit-booking opportunity amidst a bleak macroeconomic outlook,” said EBL Securities in a note.

The market started off with a positive note that led the index to rise by more than 100 points in the first hour of trading, resulting from the increasing across-the-bours investors’ participation and positive expectations from the regulator’s meeting regarding the banks’ exposure in the stock market, it said. 

However, the current macroeconomic headwinds still influenced many cautious investors to exit their positions, which ultimately curbed the upward price rally in the market at the end of the trading session.

The DSE turnover increased by 30.95 per cent to Tk 838 crore from the previous session’s Tk 838 crore. Textile sector accounted for more than 23 per cent of the total turnover.

Most of the large-cap sectors posted positive performance. NBFI booked the highest gain of 1.50 per cent followed by food & allied (+0.48 per cent), bank (+0.47 per cent), pharmaceutical (+0.29 per cent), and engineering (+0.19 per cent).

Fuel & power closed flat, while telecommunication lost 0.66 per cent. Bangladesh Export Import Company Ltd. (+1.7 per cent) was the most traded share with a turnover of Tk 80 crore.

Out of the 386 issues traded, 177 advanced, 172 declined, and 37 remained unchanged.

Beximco Ltd was the most-traded stock with shares worth Tk 80 crore changing hands, followed by IPDC Finance 28 crore, Fortune Shoes Tk 24 crore, Kattali Textile Tk 20 crore and Beximco Pharma Tk 19 crore.

Sonar Bangla Insurance was the day’s top gainer, followed by KTL and PF1STMF.

The port city bourse, CSE, also, settled in green terrain. The selected indices (CSCX) and All Share Price Index (CASPI) have advanced by 30.4 and 49.2 points respectively.