Stocks return to black amid lower turnover

Breaking a single-day correction, Dhaka stocks came back vigorously Thursday, as investors became active on the trading floor in anticipation that the national budget for the fiscal year 2023-23 would not withdraw any of the prevailing facilities from the capital market.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), jumped 15.8 points to close at 6,355, against 6,339 in the previous session.

Among other indices, the DS30, the blue-chip index, added 3.3 points to settle at 2,201, and the DSES, the Shariah-based index, edged up 2.5 points to 1,379 yesterday.

Turnover, another crucial market indicator, however, dropped by 16.75 per cent to Tk 997 crore, against the tally of Tk 1,198 crore in the previous session.

The finance minister placed the national budget in the parliament yesterday evening, where no major changes concerning the capital market was not made.

Investors, according to analysts, came to know through media reports that the government would not repel any of the prevailing facilities from the capital market, making them enthusiastic to pour more funds into the market.

The life insurance sector reined in the turnover chart with a contribution of 19.12 per cent of the total turnover of the DSE.

The benchmark index of the capital bourse returned to green territory as investors resumed their chase for sector-specific issues, which they found lucrative at the current price level following a single-day correction, said EBL Securities, a stockbroker, in its daily market review.

Most sectors displayed mixed returns, with the life insurance witnessing the highest gain of 3.5 per cent, followed by cement (2.3 per cent), and travel (2.2 per cent).

On the other hand, the IT faced the highest correction of 1.3 per cent, followed by services (1.2 per cent) and paper (0.8 per cent).