Dhaka stocks continue to climb higher
Over the past three sessions, the DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), has risen by 97 points, and market capitalisation has increased by 2,042 crore
Stocks at the Dhaka bourse have maintained an upward trend for three consecutive sessions, with investor participation gradually increasing, according to market insiders.
Over the past three sessions, the DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), has risen by 97 points, and market capitalisation has increased by 2,042 crore.
On Thursday, the final trading day of the week, the DSEX rose by 12 points to close at 5,726 points, while the DSE Shariah Index (DSES) gained 4 points, ending at 1,245 points.
In contrast, the DS30, the blue-chip index, experienced a slight decline of 7 points, closing at 2,100 points on Thursday.
As investors participation increased, turnover at the DSE increased by 17% to Tk733.39 crore. Out of the traded stocks, 158 advanced, 181 declined and 58 remained unchanged.
On Thursday, the market witnessed volatility twice in the mid-sessions, opportunist investors outnumbered on the trading floor leading to closure of the core index in green terrain.
Paper Processing and Packaging led the gainers' chart based on the comparison of the closing price with the previous day's closing price, showing a 9.98% increase to Tk141 each. It was followed by Sonali Paper, which also gained 9.98%, reaching Tk169.1 each, and Monospool Paper, which rose by 9.93% to Tk163.7 each.
Conversely, Confidence Cement topped the decliners' list based on the same comparison, with its share price dropping by 6.82% to Tk68.3 each. It was followed by Crystal Insurance, which fell by 5.83% to Tk61.03 each, and Uttara Finance and Investment, which decreased by 4.76% to Tk20 each.
EBL Securities in its daily market commentary said, "The benchmark index of the Dhaka bourse managed to stay afloat in green territory for three consecutive sessions. Although the overall market remained volatile since many investors are seeking short-term profit-booking opportunities amid subdued sentiment regarding market momentum."
"Investors were observed to be active on both sides of the trading fence as opportunistic investors opted to take positions in sector-specific and small-cap stocks in anticipation of quick gains following the recent corrections in the market," the commentary reads.
On the sectoral front, the Pharmaceutical and Chemicals sector issues exerted the highest 24.6% in total turnover, followed by Bank 14.2% and Fuel & Power by 10.0%.
Sectors displayed mixed returns, out of which Jute by 8.8%, Paper by 7 % and Tannery by 1.2% exhibited the most positive returns on the bourse today, while Telecom by -1.3%, Mutual Fund by -1.0% and Life Insurance -0.9% exerted the most corrections.
The port city bourse, CSE, however, settled on red terrain.
The selected indices (CSCX) and All Share Price Index (CASPI) declined by 14.6 and 21.9 points, respectively.