Bank sector shields stocks against decline amid selling pressure, turnover hits 8-month high to Tk1,100cr mark
During the trading session, the DSEX registered a gain of 21 points, reaching 6,276, while the blue-chip index DS30 saw a robust surge of 10 points, closing at 2,158
Despite encountering significant selling pressure in the aftermath of the floor price removal, the benchmark index DSEX at the Dhaka Stock Exchange (DSE) managed to conclude in positive territory on Tuesday (23 January).
This resilience was largely attributed to the robust performance of the banking sector, effectively absorbing the market's downward pressure.
During the trading session, the DSEX registered a gain of 21 points, reaching 6,276, while the blue-chip index DS30 saw a robust surge of 10 points, closing at 2,158.
The turnover, a pivotal market indicator, at the DSE reached an eight-month high, surpassing the Tk1,100 crore mark.
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On Tuesday, the turnover stood at Tk1,176 crore, reflecting a 13% growth compared to the previous session.
Insiders in the market revealed that the Dhaka bourse commenced the session with a 25-point decline following the removal of the floor price on an additional 23 companies.
However, the banking sector later emerged as a stabilizing force, preventing a significant plunge in the key index.
Due to the selling pressure, 227 scrips declined, 126 advanced and 40 remained unchanged at the DSE.
Investors displayed heightened activity in purchasing bank shares, which had long been restricted by the floor price during the session.
Consequently, among the 35 listed banks, 31 experienced advances, three remained unchanged, and only one registered a decline.
Union Bank, IFIC Bank, and Global Islami Bank spearheaded the banking sector's upward momentum during the Tuesday market session.
