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DSEX hits three-month high amid market rally

Staff Correspondent
19 May 2023 00:00:00 | Update: 19 May 2023 00:23:14
DSEX hits three-month high amid market rally

Extending the upward momentum for the third consecutive day, Dhaka stocks closed significantly higher on Thursday, as investors continued putting fresh funds into sector-specific securities in hope of quick gaining opportunities.

With the market buoyancy, the key index of the Dhaka Stock Exchange (DSE) reached a three-month high, while the market’s liquidity situation remained satisfactory enough, with the premier bourse’s turnover hitting a three-week high.

The DSEX, the benchmark index of the DSE, added 8.9 points to settle at 6,290, against 6,281 in the previous trading session.

Meanwhile, the turnover of the capital bourse, shot up by 31.0 per cent to Tk 932 crore, against the turnover tally of Tk 711 crore in the previous session.

The market opened higher, and morning optimism persisted throughout the session as buyers dominated sellers across the trading floor, with chasing quick rallied stocks of selective sectors, which they perceived as an opportunity to harness short-term gains, said EBL securities, a stockbroker, in its daily market review.

Besides, the recent announcements of lucrative cash dividends by many insurance companies, also enticed investors pouring funds in the sector’s stocks in order to catch the dividend yields, analysts said.

The general insurance sector topped the turnover chart with a contribution of 16.8 per cent of the total turnover of the DSE, followed by life insurance (15.1 per cent), and food & allied (8.5 per cent).

Bangladesh Shipping Corporation was the day’s most traded stock with Tk 49 crore worth of its shares changing hands, followed by Rupali Life Insurance Company Limited, and Intraco Refueling Station Limited.

Most sectors displayed mixed returns, with the general insurance securing the highest gain of 2.8 per cent, followed by life insurance (1.2 per cent) and jute (1.0 per cent).

On the other hand, the IT suffered the highest correction of 1.8 per cent, followed by travel (0.9 per cent), and services (0.4 per cent).

Bangladesh General Insurance Company Ltd topped the gainer’s chart of the DSE with a return of 10 per cent, while Dutch-Bangla Bank Ltd was the day’s worst sufferer with a loss of 6.9 per cent.

Out of the issues traded, 116 advanced, 56 declined and 221 remained unchanged 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 the all-share price index (CASPI) – advanced by 16.2 points and 25.2 points respectively.