Tuesday, April 30, 2024
Snapping two days of market fallout, the equity indices of the Dhaka Stock Exchange (DSE) returned to the winning streak on Tuesday as bargain hunters took fresh bets in lucrative securities taking advantage of the recent market corrections.
Cautious investors, however, were still on the sidelines as they preferred to observe the market momentum amidst the current corporate earnings disclosures, stockbrokers said.
The DSEX, the benchmark index of the premier bourse, surged 14.0 points to settle at 6,339 against 6,325 in the previous trading session.
Turnover, another crucial market turnover, fell by 17.9 per cent to Tk 546 crore against the tally of 665 crore in the previous session.
Block trades accounted for 5.3 per cent of the overall market turnover.
The general insurance topped the turnover chart with a contribution of 24.1 per cent of the total turnover of the Dhaka bourse, followed by food and allied (13.9 per cent) and miscellaneous (11.1 per cent).
Bangladesh Shipping Corporation was the highest traded stock with Tk 34 crore worth of its shares changing hands, followed by Sea Pearl Beach Resort and Spa Limited, and Fu Wang Food Ltd.
The upbeat market momentum sustained throughout the session since buying dominance prevailed across the bourse as investors sought quick gaining opportunities in sector-specific issues following the recent market corrections, said EBL Securities, a stockbroker, in its daily market review.
Investors’ confidence, however, was yet to rebound across the trading floor as uncertainties continued to persist due to the prevailing concerns amidst the fear of a potential resurgence of political movements across the country ahead of the national election, it added.
Most sectors displayed positive returns, with the jute posting the highest gain of 1.9 per cent, followed by IT (1.7 per cent) and general insurance (0.9 per cent), while the travel faced the highest correction 1.1 per cent, followed by services (0.4 per cent) and ceramic (0.1 per cent), according to EBL Securities.
As per the daily market review of Brac-epl Stock Brokerage, most large-cap sectors posted positive performance, with the food and allied booking the highest gain of 0.41 per cent, followed by engineering (0.12 per cent), NBFI (0.06 per cent), fuel and power (0.06 per cent), and pharmaceutical (0.05 per cent).
Green Delta Insurance Ltd rose 9.8 per cent to become the day’s top gainer, while C&A Textiles Limited became the worst sufferer losing 7.8 per cent.
Out of the securities traded, 110 advanced, 60 declined and 222 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 14.0 points and 3.3 points respectively.
