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Snapping a single-day correction, Dhaka stocks returned to the green territory on Monday riding on investors’ buying binge in selective securities in an attempt to rebalance their portfolios to keep up with the market momentum.
The DSEX, the broad index of the Dhaka Stock Exchange (DSE), the premier bourse, added 7.6 points to settle at 6,264 against 6,256 points in the previous trading session.
Among other major indices, the DS30, the blue-chip index, rose 7.36 points or 0.33 per cent to 2,211, and the DSES, the Shariah-based index, edged up 4.49 points or 0.33 per cent to close at 1,365.
Meanwhile, the prime bourse witnessed a plunge in participation with the DSE turnover going down by 26.4 per cent to Tk 509 crore against Tk 692 crore in the previous session.
The market momentum shifted to particular sectors that investors perceived as an opportunity to harness quick gains, said EBL Securities, a stockbroker, in its daily market review.
However, the recent hike in fuel and energy prices induced cautious investors to offload their holdings, causing the majority of scrips to extend their correction mode, it added.
But, opportunist investors opted to book profits in sector-specific issues considering the ongoing pessimism in the market owing to dismal performance forecasts of the listed companies, EBL Securities stated.
The IT sector topped the turnover chart with a gain of 19.0 per cent to the total turnover of the DSE, followed by the general insurance (13.7 per cent) and the life insurance (11.5 per cent).
Most of the sectors displayed mixed returns at the Dhaka bourse, with the travel posting the highest gain of 2.1% per cent, followed by pharma (0.6 per cent) and life insurance (0.5 per cent).
On the other hand, the IT sector suffered the most with a loss of 3.1 per cent, followed by general insurance (1.1 per cent) and jute (0.8 per cent).
Bangladesh Monospool Paper Manufacturing Co Limited topped the gainers’ list of the DSE with a surge of 8.4 per cent, while Metro Spinning Ltd was the day’s worst sufferer with a loss of 5.3 per cent.
Out of the 391 issues traded, 34 securities advanced, 140 stocks declined, and 217 scrips did not see any price movement on the DSE trading floor.
The port city bourse, CSE, also settled on green terrain yesterday with its two major indices – the selected indices (CSCX) and the all-share price index (CASPI) – rising by 4.0 points and 2.8 points respectively.
