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Dhaka stocks extended the gaining streak for the second straight trading session Thursday as price appreciation of some stocks especially the pharmaceutical scrips helped the market remain steady.
The market remained steady throughout the session as the majority of investors chased down sector-specific stocks in hope of quick gains.
The DSEX, the broad index of the Dhaka Stock Exchange (DSE) surged 24.67 points or 0.37 per cent to settle at 6,569. Among other indices, the DS30, the blue-chip index, added 18.52 points or 0.79 per cent to close at 2,361, and the DSES, the Shariah-based index, edged up 12.98 points or 0.90 per cent to 1,443.
Turnover, another crucial market indicator, stood at Tk 1,169 crore, which was lower by 9.3 per cent against the tally of Tk 1290.2 crore in the previous session.
The equity indices of the premier bourse managed to stay afloat riding on the price appreciation of a handful of stocks, especially the pharmaceutical & chemical stocks, while the majority of sectors faced corrections, said EBL Securities, a stockbroker, in its daily market review.
The cautious investors, however, opted to remain watchful and continue partial liquidation of their holdings, fueled by the ongoing macroeconomic strains as well as the majority of scrips being stuck at their floor prices, it commented. Moreover, the latest disclosure regarding the recent spike in inflation and the concerns over global trade escalated investors’ worries about the market outlook.
On the sectoral front, the pharma and chemical sector topped the turnover chart with a contribution of 22.1 per cent to the total turnover, followed by engineering (16.9 per cent), and miscellaneous (12.9 per cent).
Most of the sectors displayed dismal returns, with the travel sector giving up the most, followed by services, and cement. Out of the 387 issues traded, 77 stocks surged, 103 scrips declined, and 207 issues did not see any price movement. The port city bourse, Chittagong Stock Exchange (CSE) also closed higher on the day with its two major indices — the CSCX and the CASPI — advancing 25.9 points and 43.8 points respectively.
