Textile sector thrives amid market slump

Despite a downward trend in the capital market, the textile sector thrived today as investors were more active in this sector.

The textile sector accounted for 15.5% of the Dhaka Stock Exchange's (DSE) total turnover on the day. Besides, investors received the highest return from this sector.

Five textile firms made it to the top gainers list on the Dhaka Stock Exchange (DSE) on the day, with Malek Spinning leading the pack with a 9.66% gain.

The other top gainers included Mithun Knitting, Alltex Industries, Paramount Textile, and Envoy Textile, reflecting strong investor interest in the sector.

Market insiders said a number of companies revealed their financial statements for the first half of this fiscal year, where they posted robust growth in revenue and profit.

However, the benchmark index DSEX of the DSE extended its losing streak for the second consecutive day. On the day, the DSEX declined by 10 points to close at 5,166, while the blue-chip DS30 fell by 6 points to settle at 1,913.

Market performance was mixed, with 105 stocks advancing, 204 declining, and 89 remaining unchanged.  

Investor participation remained subdued, with the daily turnover at the DSE dragging down to Tk356 crore from Tk413 crore in the previous session.

EBL Securities, in its daily market review, said the benchmark index of the capital bourse failed to stay afloat in the final session of the week amid stagnancy in trade turnover due to continued profit-booking sell pressure as investors remained wary of the market's momentum due to the persistent volatility pervading the trading board.

Despite a somewhat upbeat start in the first hour of today's session, cautious selling by investors dragged the market into the red trajectory again, which pushed the majority of scrips to extend corrections for two consecutive sessions, it added.

Oimex Electrode was the top loser, with its share price dropping 9.30%, followed by Phoenix Finance, ADN Telecom and National Tubes.

Oimex Electrode was the top-traded stock in terms of value. Its shares worth Tk22 crore were traded, followed by Malek Spinning and ADN Telecom.