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Snapping two-day nosedive, stocks return to black

Staff Correspondent
19 Jul 2023 21:47:45 | Update: 19 Jul 2023 21:49:30
Snapping two-day nosedive, stocks return to black

Snapping two days of massive correction, Dhaka stocks returned to the green territory as opportunistic investors opted to take fresh bets in the sector-specific lucrative securities following the immediate past market jitters.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), added 15.1 points to settle at 6,366 against 6,351 in the previous trading session.

The market turnover, however, plunged by 16.0 per cent to Tk 877 crore against the tally of Tk 1,044 crore logged in the previous session.

Block trades contributed Tk 69 crore or 14.5 per cent of the overall market turnover.

The food and allied sector topped the turnover chart with a contribution of 15.9 per cent of the total turnover of the prime bourse, followed by engineering (11.8 per cent) and general insurance (9.3 per cent).

Fu Wang Food Ltd continued to dominate the turnover board with Tk 48 crore worth of its shares changing hands, followed by Sea Pearl Beach Resort and Spa Limited, and Rangpur Dairy & Food Products Ltd.

The market stayed afloat throughout the session, with observing mild volatility as cautious investors continued their profit booking in the rumor-based trendy scrips, while the late-session buying behaviour in sector-specific issues helped the market to settle in green terrain, said EBL Securities, a stockbroker, in its daily market review.

Moreover, general insurance stocks notched some momentum again following the government’s nod to introduce bancassurance in the country, it added.

Sectors displayed mixed returns, with the travel posting the highest gain of 3.5 per cent, followed by general insurance (3.0 per cent) and life insurance (1.4 per cent), while the jute faced the highest correction of 0.5 per cent, followed by tannery (0.5 per cent) and cement (0.4 per cent), as per EBL Securities’ market review.

According to the daily market review of Brac-epl Stock Brokerage, the engineering sector booked the highest gain of 0.10 per cent, followed by bank (0.09 per cent), and telecommunication (0.00 per cent), whereas, the food and allied experienced the highest loss of 0.33 per cent, followed by NBFI (0.13 per cent), fuel and power (0.12 per cent), and pharmaceutical (0.07 per cent).

Crystal Insurance Company rose 9.9 per cent to become the day’s top gainer, while Rupali Life Insurance Company faced the highest loss of 9.8 per cent.

Out of the securities traded, 116 advanced, 65 declined and 211 remained unchanged.

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) – advancing by 9.0 points and 11.8 points respectively.