Stocks extend winning streak to five straight sessions

Infographic: TBS

The country's stock market extended its winning streak for a fifth consecutive trading session today (29 June), with late-session buying helping the benchmark index finish in positive territory despite experiencing volatility for most of the day.

The rally, which began on 23 June, has lifted the benchmark DSEX index by a cumulative 168 points over the past five trading sessions, signalling a gradual improvement in investor sentiment after weeks of subdued market activity.

At the close, the benchmark DSEX gained nearly 3 points to settle at 5,723. The DSES Shariah Index slipped 0.23 points to 1,157, while the blue-chip DS30 Index advanced 4 points to close at 2,166.

Turnover, however, eased slightly. Total transactions on the Dhaka Stock Exchange (DSE) stood at Tk1,351.52 crore, down 1.42% from the previous trading session. Despite the lower turnover, the DSE's market capitalisation rose by Tk874 crore to Tk6.97 lakh crore.

Market breadth remained positive. Of the 399 issues traded, 178 advanced, 158 declined and 63 remained unchanged.

Market participants said the session began with mild selling pressure as investors booked profits following the market's recent gains. The benchmark index remained volatile through the middle of the session as buying and selling pressure balanced each other. However, renewed buying interest emerged during the final trading hour across several sectors, allowing the market to close higher.

Among the day's top gainers, Rahim Textile climbed 8.73% to Tk225.30 per share. JMI Syringes & Medical Devices rose 7.43%, followed by IPDC Finance, which gained 6.55%. CAPM IBBL Islamic Mutual Fund advanced 6.18%, while Indo-Bangla Pharmaceuticals added 6.02%.

On the losing side, People's Leasing and Financial Services dropped 7.63% to Tk1.20 per share. Other major losers included BD Thai Aluminium, SS Steel, Familytex (BD) and Saif Powertec.

The Chittagong Stock Exchange (CSE) also experienced a mixed session. The CSCX Selective Categories Index edged up 0.8 point, while the benchmark CASPI (All Share Price Index) slipped 2.3 points at the close. Trading activity at the port city bourse remained significantly lower than that of the DSE.

In its daily market review, EBL Securities said the benchmark index managed to settle in positive territory after a modest early-session pullback, as late-session buying support emerged across the trading board following extended intraday volatility.

According to the brokerage, investors remained active on both the buying and selling sides throughout the day. While corrections in several large-cap stocks weighed on the indices during most of the session, renewed buying interest in the final hour helped the market recover and end with modest gains.

Sector-wise, the banking sector dominated turnover, accounting for 12.8% of the day's total transactions. The textile sector followed with a 12.6% share, while the general insurance sector contributed 12.4%.

Sectoral performance was mixed. The jute sector posted the strongest gain, rising 2.1%, followed by information technology, which advanced 1.2%, and general insurance, up 1.1%. On the downside, the ceramics sector fell 1.2%, making it the day's worst performer, followed by the services sector, which lost 0.8%, and the miscellaneous sector, down 0.5%.

BRAC EPL Stock Brokerage also reported mixed performances among the large-cap sectors. Fuel and power led the gainers with a 0.37% increase, followed by non-bank financial institutions (0.20%), telecommunications (0.18%) and engineering (0.07%). In contrast, the food and allied sector declined 0.37%, pharmaceuticals lost 0.26%, and banking fell 0.23%.

Meanwhile, block trades accounted for 5.5% of the day's total market turnover.