Home ›› 05 Sep 2022 ›› Stock
The Dhaka Stock Exchange continued to witness a bullish trend as the turnover crossed Tk 2,200 crore after almost a year.
The benchmark DSEX index had all of its intra-day gains wiped in the final minutes of the trade before losing 18 points or 0.28 per cent to settle at 6,489 on Sunday.
The index reached an intra-day high of 6,584 in the mid-trading session. Later on in the session, however, profit-taking was observed, which resulted in the index dropping.
The DSE turnover stood at Tk 2,296 crore, up 21.54 per cent from the previous day’s figure of Tk 1,889 crore. This is the highest turnover not seen before October 7, 2021 when it was Tk 2,497 crore.
Two other junior indexes closed mixed. The blue-chip index DS30 edged down 2 points or 0.08 per cent to 2,303 while the DSES index, which represents Shariah-based companies, rose 1 point to 1,410.
The market remained bullish as institutional investors pumped funds into stocks taking advantage of floor prices set by the regulator a few weeks back, dealers say.
“The equity indices of the Dhaka bourse ceased their upward momentum after adding 228 points in the past six sessions as investors went on to profit-booking, taking advantage of the recent bullish trend in the market,” said EBL Securities in a note.
The market opened positive while the key index gained more than 75 points, extending the upward momentum from the previous week, riding on some positive updates on the macroeconomic front, particularly regarding growing exports and increasing remittance inflow, it said.
However, the morning optimism failed to sustain as the market experienced intense volatility due to dominant selling pressures from investors in the latter part of the session, which eroded the early gains and led the market to plunge into the red territory, it added.
Losers took a strong lead over the gainers, as out of 386 issues traded, 217 closed lower, 95 higher and 74 others remained unchanged.
On the sectoral front, Engineering (16.2 per cent) issues exerted the highest turnover, followed by Pharma (13.1 per cent) and Textile (11.0 per cent) stocks.
Almost all the sectors displayed mixed returns, out of which Travel (3.1 per cent), Jute (2.5 per cent), and Fuel & Power (1.3 per cent) exhibited the highest returns on the bourse today, while Life Insurance (-3.1 per cent), Textile (-2.2 per cent) and Cement (-1.8 per cent) exerted the most corrections.
The port city bourse, CSE, also settled in red territory. The selected indices (CSCX) and All Share Price Index (CASPI) declined by 44.1 and 74.5 points respectively.
