Monday, May 06, 2024
The benchmark index of the Dhaka bourse managed to stay afloat for the second straight trading session on Wednesday as opportunistic investors continued to take positions in sector-specific stocks in anticipation of quick gains.
The DSEX, the broad index of the Dhaka Stock Exchange (DSE), marginally advanced 4.3 points to settle at 6,305 against 6,301 in the previous trading session.
Turnover, another crucial market indicator, rose by 26.7 per cent to Tk 663 crore against the figure of Tk 523 crore in the previous session.
The general insurance led the turnover chart with a contribution of 34.6 per cent of the total turnover of the premier bourse, followed by food and allied (15.2 per cent) and life insurance (6.8 per cent).
Fu Wang Food Ltd was the most traded stock with Tk 50 crore worth of its shares changing hands, followed by Continental Insurance Ltd, and Gemini Sea Food Ltd.
Investors were active on both sides of the trading fence, causing the core index to observe a flat movement throughout the session since risk-averse investors continued their cautious selling approach, while some opportunistic investors chased selective scrips which they perceived as an opportunity to harness a short-term gain, said EBL Securities, a stockbroker, in its daily market review.
Moreover, investors’ optimism on the hyped-up insurance stocks continued to dominate the turnover board, it added.
Sectors displayed mixed returns, with the general insurance posting the highest gain of 2.7 per cent, followed by travel (2.4 per cent) and mutual fund (1.1 per cent), while the paper faced the highest correction of 1.3 per cent, followed by life insurance (0.5 per cent) and services (0.3 per cent).
Agrani Insurance Co Ltd rose 10 per cent to become the day’s top gainer, while Fu Wang Food Ltd fell 7.5 per cent becoming the worst sufferer.
Out of the 392 issues traded, 84 advanced, 73 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) – advancing by 8.9 points and 14.7 points respectively.
