DSEX reclaims 5,900-mark as turnover surges 45% on earnings optimism
The benchmark DSEX index climbed above the 5,900-point mark for the first time in two weeks on strong buying interest, as upbeat quarterly earnings and improving investor sentiment lifted turnover by 45%.
Highlights:
- DSEX rises 60 points to close at 5,900
- Daily turnover jumps 45% to Tk1,261 crore
- Strong earnings outlook fuels broad-based buying
- Dominage Steel tops turnover chart; CSE turnover surges 287%
The country's capital market witnessed a strong bullish surge today (28 July) as the benchmark index reclaimed the psychological threshold of 5,900 points after a gap of two weeks.
Driven by a wave of bargain hunting and renewed investor confidence, market participation saw a significant spike, with daily turnover jumping by 45% to reach Tk1,261 crore. The broad DSEX index of the Dhaka Stock Exchange (DSE) rose by 60 points, or 1.03%, to settle the session at exactly 5,900.
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According to the daily market review by EBL Securities, the capital market extended its upward trajectory for a second consecutive session. The rally was primarily fueled by a perceived pause in retaliatory actions in the Middle East conflict and high expectations of favourable sector-specific earnings during the ongoing disclosure season.
While the market opened with steady gains, broad-based buying interest gained significant traction after the mid-session as renewed accumulation in the majority of scrips propelled the benchmark higher, said EBL Securities.
Sheltech Brokerage Limited noted that the day's performance was largely shaped by sustained buying interest supported by latest quarterly earnings announcements from December-closing companies that surpassed market expectations.
Although the market traded within a narrow range during the early hours, momentum strengthened around the mid-session, lifting the DSEX to an intraday high of 5,909.79 points. Despite a bout of orderly profit-taking that emerged late in the day, the buying pressure remained sufficiently strong to absorb the sell-offs, allowing the index to retain the bulk of its gains, it added.
The blue-chip segment also mirrored the positive sentiment, with the DS30 index gaining 17 points to close at 2,219.
Market breadth was overwhelmingly positive, as 284 issues managed to advance compared to only 60 that declined, while 49 scrips remained unchanged on the DSE floor.
On the liquidity front, Dominage Steel emerged as the most traded stock, followed by Saiham Cotton, ITC, Sharp Industries, and Indo-Bangla Pharmaceuticals.
Individual stock performance was highlighted by FAS Finance and New Line Clothings, both of which hit the 10% upper circuit limit. Other top gainers included Argon Denims, Dominage Steel, and Acme Pesticides.
On the flip side, AIBL First Mutual Fund, Shyampur Sugar, and Zeal Bangla Sugar were among the few losers of the session.
The bullish sentiment was mirrored at the Chittagong Stock Exchange (CSE), where the Selective Categories' Index (CSCX) ended 78 points higher at 9,595 and the CASPI rose 134 points to reach 15,738. Notably, turnover at the port city bourse witnessed a massive 287% jump, settling at Tk64.48 crore.
