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DSEX gain 64 points in anticipation of potential turnaround

Staff Correspondent
08 Apr 2024 20:54:52 | Update: 08 Apr 2024 20:54:52
DSEX gain 64 points in anticipation of potential turnaround

DSEX, the key index of the Dhaka Stock Exchange (DSE), extended its upbeat vibe on Monday, the first day of the week, as bargain hunters continued to take positions in lucrative issues in anticipation of a potential turnaround from the prolonged bearish sentiment across the trading floor.

Meanwhile, trading activities remained stagnant, with market turnover further declining by 4.9 per cent to Tk 415 crore from the previous session’s Tk 440 crore, as cautious investors preferred to stay on the sidelines to observe the sustainability of the market’s current upbeat vibe.

DSEX gained 64.11 points or 1.11 per cent and closed at 5,860.23 at the end of trading. The blue-chip index, DS30, and the Shariah-based index, DSES, closed at 2,033.40 and 1,281.04 points, respectively.

Most of the large-cap sectors also posted positive performance on Monday.

Market insiders said DSEX witnessed a notable surge on Monday banking on the news that Shibli Rubayat-Ul-Islam is set to be reappointed as the chairman of the Bangladesh Securities and Exchange Commission (BSEC) for another four-year term.

On March 31, a summary was sent to Prime Minister Sheikh Hasina from the Ministry of Finance to re-appoint Shibli as the BSEC chairman for another term. The prime minister approved his reappointment proposal last Thursday, according to officials concerned.

Shibli was appointed as BSEC chairman on May 17, 2020, on a contractual basis for four years. His term is set to end on May 16 this year. The finance ministry has finalised the process of his reappointment, but the gazette is yet to be published.

Along with Shibli, four commissioners of the stock market regulator have also gotten another term of four years to serve in the same posts. Anyone over 65 years of age, however, will not be allowed to serve on the posts.

In its daily market review, EBL Securities said that the indices remained upbeat throughout the session as buyers remained predominant across the trading floor on Monday.

Buyers continued their dominance across the trading floor since opportunistic investors sought bargain-hunting opportunities in sector-specific issues, it said.

Out of the 396 issues traded, 315 advanced, 36 declined and 45 remained unchanged at the Dhaka bourse.

According to the daily market update by BRAC EPL Stock Brokerage, pharmaceuticals booked the highest gain of 1.35 per cent. Block trades contributed 16 per cent of the overall market turnover. Alif Industries Limited was the most traded share with a turnover of Tk 17.8 crore.

The Chittagong Stock Exchange (CSE) also settled on green terrain on Monday, with the selected indices, CSCX, and the All Share Price Index, CASPI, advancing by 42.6 and 73.4 points, respectively.

Of the issues traded, 27 declined, 112 advanced and 15 issues remained unchanged on the CSE trading floor.