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DSE turnover hits nearly 1-month high amid market rally

Staff Correspondent
07 Mar 2023 00:00:00 | Update: 07 Mar 2023 00:05:40
DSE turnover hits nearly 1-month high amid market rally

Dhaka stocks continued rallying for the second consecutive trading session on Monday, as optimistic investors continued their buying spree following the regulatory move to contain the market fall.

Meanwhile, the turnover of the premier bourse Dhaka Stock Exchange (DSE) hit to a nearly one-month high to Tk 727 crore yesterday, which was also up 9.8 per cent that the tally of Tk 662 crore in the previous session.

Before this, the DSE turnover hit Tk 748 crore on February 8 this year.

After a long spell of market fallout, stocks started rallying on Sunday after the securities regulator Bangladesh Securities and Exchange Commission (BSEC) reimposed the price floor restriction on 169 scrips, ensuring the mechanism for all securities.

The DSEX, the broad index of the prime bourse, surged 9.3 points to settle at 6,259 against 6,250 in the previous trading session.

Among other indices, the DS30, the blue-chip index, edged up 0.13 points or 0 per cent to close at 2,225, while the DSES, the Shariah-based index, fell 1.09 points or 0.08 per cent to finish the session at 1,361.

Despite a slight volatility due to the profit-booking spree of cautious investors, buyers reined the market by the end of the session since the continuation of the floor price restrictions provided a safeguard against significant capital erosion from the existing price level, said EBL Securities, a stockbroker, in its daily market review.

The recent prolonged market correction enticed bargain hunters to take bets in sector-specific issues in anticipation of quick gains, it added.

The IT sector topped the turnover chart with a contribution of 16.5 per cent to the total turnover of the capital bourse, followed by the life insurance (10.4 per cent) and the pharma (10.0 per cent).

Almost all sectors displayed positive returns on the DSE trading floor, with the travel posting the highest gain of 3.0 per cent, followed by general insurance (2.2 per cent), and life insurance

(1.8 per cent).

On the other hand, the jute faced the highest correction of 1.8 per cent, followed by pharma (0.4 per cent), and food (0.1 per cent).

Dominage Steel Building Systems Limited topped the gainer list with a return of 9.9 per cent, while Zeal Bangla Sugar Mills Ltd was the day’s worst sufferer with a loss of 8.9 per cent.

Out of the securities traded, 100 stocks surged, 65 issues declined and 226scrips did not see any movement on the DSE trading floor.

The port city bourse, CSE, also settled on green terrain, with its two major indices – the selected indices (CSCX), and all-share price index (CASPI) – advancing by 15.8 points and 27.9 points respectively.

Meanwhile, aiming to lure more foreign direct investment (FDI) and promote the country’s branding, the Bangladesh Securities and Exchange Commission (BSEC) and the Bangladesh Investment Development Authority (BIDA) hosted a roadshow in the Middle Eastern country Qatar yesterday.

Prime Minister Sheikh Hasina graced the business summit titled ‘The Rise of the Bengal Tiger: Potentials of Trade and Investment in Bangladesh’ as the chief guest.