Dhaka stocks extend rally for fourth straight session
Today, the benchmark DSEX index rose by 10 points to close at 5,226, while the DS30 index, which tracks blue-chip stocks, increased by 2 points to 1,902.
The Dhaka Stock Exchange (DSE) extended its upward trend for the fourth consecutive session today (13 March), with the benchmark DSEX index gaining 52 points during this period.
Despite prevailing political and economic uncertainty, cautious investors selectively bought undervalued stocks and blue-chip shares with strong growth potential, contributing to the market's positive momentum.
Today, the benchmark DSEX index rose by 10 points to close at 5,226, while the DS30 index, which tracks blue-chip stocks, increased by 2 points to 1,902. However, the DSE Shariah Index edged down by 1 point to 1,164.
Market turnover declined by 8.38% to Tk415 crore from Tk453 crore in the previous session, reflecting subdued participation.
Keep updated, follow The Business Standard's Google news channel
Among the 394 stocks traded, 163 advanced, 154 declined, and 77 remained unchanged.
Market insiders note that the DSEX has been fluctuating between 5,100 and 5,200 points for the last two months. Institutional investors remain inactive, with retail investors following suit amid current challenges. Key barriers to market growth include high deposit rates, liquidity crunch, low institutional and foreign participation, and economic challenges worsened by political instability, all overshadowing recovery efforts.
The indices started the session on a positive note which continued till the session end amid a mixed trend.
S Alam Cold Rolled Steels led the list of top gainers, followed by Shinepukur Ceramics, Paramount Insurance, Desh General Insurance, Continental Insurance, Premier Cement Mills, and Esquire Knit Composite PLC.
On the flip side, Reliance One Mutual Fund was the worst performer, followed by Khan Brothers PP Woven Bag Industries, Islamic Finance & Investment, Uttara Finance and Investments, PHP First Mutual Fund, and Miracle Industries Ltd.
In its daily market commentary, EBL Securities noted that the capital bourse extended its gaining streak for four straight sessions owing to investors' continued buying interest in particular scrips with short-term gain potential, while investor participation was also observed in certain December-closing scrips ahead of their corporate declarations.
Although investors remained active on both sides of the trading fence, buyers ended up on the dominant side riding on the last-hour buying activity, according to the commentary.
Sectoral performance
In today's trading session, the food sector recorded the highest turnover at 15%, followed by pharmaceuticals at 12.1% and textiles at 11.6%.
Market performance was mixed, with ceramics, general insurance, and jute posting the highest gains, with increases of 2.2%, 2.1%, and 0.7%, respectively. On the other hand, the fuel and power, life insurance, and paper sectors faced the most significant declines, each losing around 1%.
The Chittagong Stock Exchange (CSE) also ended on a positive note, with the Selective Categories' Index (CSCX) rising by 5.2 points and the All Share Price Index (CASPI) increasing by 2.1 points. The CSE turnover stood at Tk8.35 crore, with 93 stocks gaining, 92 declining, and 35 remaining unchanged.
The DSMEX - SME fell by 4 points to 1,005, with a turnover of Tk3.81 crore.
