DSEX rises slightly, Turnover up by 40%

The country’s prime bourse, the Dhaka Stock Exchange’s key index, the DSEX, rose slightly on Wednesday as the market is yet to bounce back to persistent positive momentum.

The DSEX gained 3.67 points, or 0.06 per cent, closing at 6,196.75. The blue-chip index, DS30, fell by 0.17 per cent and the Shariah-based index DSES went up by 0.15 per cent closing at 2,206.99 and 1,347.68 points, respectively.

Turnover increased by 40.66 per cent to Tk 383 crore. The food & allied sector dominated the turnover chart, covering 17.09 per cent of the total turnover. The prolonged downbeat situation has created lucrative investment opportunities in the market as there is no major risk of significant capital erosion from the current price level owing to floor price restrictions, EBL Securities said in its daily market review on Wednesday.

However, investors’ confidence has yet to rebound since the market has not shown any positive catalyst to bounce back into persistent positive momentum, as stated in the review.

EBL Securities added, the benchmark index of the Dhaka bourse managed to stay afloat after consecutive corrections as bargain hunters opted for taking positions in the downed issues while cautious investors remained on the sidelines.

Market insiders said that buyers dominated the market since the recent corrections in the market created investment opportunities for investors who divulged in some sector-specific issues trading for quick gains.

Food & allied booked the highest gain of 0.04 per cent, followed by fuel & power 0.04 per cent, and engineering 0.03 per cent.

Bank sector experienced the highest loss of 0.08 per cent followed by pharmaceutical at a negative 0.07 per cent and NBFI at 0.00 per cent.

Block trades contributed 9.8 per cent of the overall market turnover. Eastern Housing Limited, at negative 0.4 per cent, was the most traded share with a turnover of Tk 26 crore.