Upbeat biz data lead gains in Dhaka stocks

The capital bourse Dhaka Stock Exchange (DSE) settled the week’s last trading session higher as investors continued their chase for sector-specific issues in hope of quick gains.

Investors were pouring funds in those stocks which displayed better performance in their latest quarterly financial reports defying the ongoing economic headwinds.

Moreover, some recent optimistic macroeconomic indicators, such as narrowing trade deficit and rising exports and remittances, along with the approval of the IMF loan, instilled confidence among investors.

The DSEX, the benchmark index of the Dhaka Stock Exchange, the prime bourse, rose 17.6 points to settle at 6,295 against 6,277 in the previous trading session.

Besides, The DS30, the blue-chip index, added 6.77 points or 0.30 per cent to close at 2,230, and the DSES, the Shariah-based index, edged up 3.99 points or 0.29 per cent to 1,373.

Meanwhile, the premier bourse witnessed an increase in participation, with the DSE turnover rising by 18.3 per cent to Tk 687 crore against Tk 580 crore in the previous session.

The market witnessed an upbeat trend throughout the session, with opportunist investors taking positions in selective issues whose financial performance was progressive amid the ongoing macroeconomic headwinds, said EBL Securities, a stockbroker, in its daily market review.Some recently rallied stocks, however, faced corrections due to the profit- booking spree by some investors, it added.

The IT sector topped the turnover chart with a contribution of 17.8 per cent to the total turnover of the DSE, followed by the pharma (15.0 per cent) and the food (8.8 per cent).

Most sectors displayed positive returns in the capital bourse, with the travel posting the highest gain of 1.8 per cent, followed by tannery (1.4 per cent), and general insurance (1.0 per cent).

On the other hand, the IT sector registered the highest loss of 1.4 per cent, followed by jute (0.5 per cent), and life insurance (0.2 per cent).

Out of the 391 issues traded, 79 advanced, 91 declined, and 221 remained unchanged.