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Stocks stay afloat for second day

Staff Correspondent
18 May 2023 00:00:00 | Update: 18 May 2023 00:46:15
Stocks stay afloat for second day

The benchmark index of the Dhaka bourse managed to stay afloat for the second consecutive session owing to the buy dominance across the trading floor.

Investors kept their chase for sector-specific issues in anticipation of quick gains, helping the key index close higher.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), advanced 4.0 points to settle at 6,281 s against 6,277 in the previous trading session.

Other major indices, however, fell slightly with the DS30, the blue-chip index, losing 0.04 points to settle at 2193, and the DSES, the Shariah-compliant index, dipping 0.50 points to finish the session at 1368.

Turnover, another crucial market indicator, declined by 4.3 per cent to Tk 711 crore against the tally of Tk 744 crore in the previous session.

The market witnessed some volatility during the early hours of yesterday’s session, as cautious investors opted for profit-booking in selective scrips amid uncertainty regarding the market momentum, said EBL Securities, a stockbroker, in its daily market review.

The market, however, managed to recover from the initial volatility as optimistic investors continued to take positions in short-term rallies, it added.

The general insurance sector topped the turnover chart with a contribution of 14.2 per cent of the total turnover of the DSE, followed by life insurance (13.2 per cent) and IT (9.6 per cent).

Most sectors displayed positive returns, with the general insurance performing the best with a gain of 2.8 per cent, followed by travel (2.5 per cent), and life insurance (1.6 per cent).

On the other hand, the services faced the highest correction of 0.8 per cent, followed by jute (0.4 per cent) and cement (0.4 per cent).

Chartered Life Insurance Company Limited topped the capital bourse’s gainer’s list with a return of 9.9 per cent, while National Tea Company Ltd was the day’s worst sufferer with a loss of 59.9 per cent.

Out of the issues traded, 106 advanced, 65 declined and 222 remained unchanged.