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Stocks buoyant, turnover 40-day high

Staff Correspondent
05 Sep 2023 21:29:50 | Update: 05 Sep 2023 21:29:50
Stocks buoyant, turnover 40-day high

Snapping the single day of correction, Dhaka stocks closed higher on Tuesday as buoyant investors kept their buy binge on large-cap issues owing to the growing optimism regarding the market outlook.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), stood up by 9.2 points to settle at 6,317 against 6,308 in the previous trading session.

Among other indices, the DS30, the blue-chip index, rose 0.7 point to 2,144, while the DSES, the Shariah-based index, edged up by 0.05 point to settle at 1,372.

Turnover, another crucial market indicator, crossed the Tk 700 crore-mark after 40 days, with the daily DSE turnover rising by 27.3 per cent to Tk 734 crore on Tuesday against the tally of Tk 577 crore in the previous session.

The general insurance sector reined in the turnover chart with a contribution of 30.2 per cent of the total turnover of the DSE, followed by food and allied (15.8 per cent) and miscellaneous (6.9 per cent).

Fu Wang Food Ltd kept dominating the turnover board with Tk 60 crore worth of its shares changing hands, followed by Asia Pacific General Insurance Co, and Crystal Insurance Company Limited.

The market remained upbeat throughout the session as buyers dominated sellers across the trading floor while chasing quick rallies in selective sectors, said EBL Securities, a stockbroker, in its daily market review.

Moreover, some insurance stocks regained momentum owing to the buying appetite of short-term-gain focused investors with positive expectations, it added.

Most sectors displayed positive returns, with the general insurance posting the highest gain of 3.8 per cent, followed by travel (1.9 per cent) and mutual fund (1.4 per cent), while the paper faced the highest correction of 1.1 per cent, followed by jute (0.5 per cent) and cement (0.2 per cent), according to EBL Securities.

As per the daily market review of Brac-epl Stock Brokerage, large-cap sectors posted mixed performance, with the engineering booking the highest gain of 0.04 per cent, followed by food and allied (0.02 per cent), and telecommunication (0.00 per cent), while the bank experienced the highest loss of 0.1 per cent, followed by pharmaceutical (0.04 per cent), NBFI (0.02 per cent), and fuel and power (0.01 per cent).

Eastern Insurance Company Ltd rose 10 per cent to become the day’s top gainer, while Popular Life Insurance Co fell 4.7 per cent becoming the worst sufferer.

Out of the 392 issues traded, 89 advanced, 68 declined and 235 did not see any movement 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) – gained 20.2 points and 35.4 points, respectively.

The CSE turnover stood at Tk 533 crore yesterday, much higher the previous day’s tally of Tk 131 crore.