Stocks snap three-day losing streak
DSEX loses 90 points in a week amid share selling offs
After breaking a three-day losing streak, stocks at the Dhaka Stock Exchange (DSE) surged today (11 August), riding on buying pressure in the final two hours, which resulted in a 50-point gain.
Turnover, however, fell 18% to Tk778.32 crore, down from Tk949.96 crore in the previous session. Despite the drop in trading volume, market capitalisation rose by Tk3,622 crore to Tk7.24 lakh crore.
According to the DSE, during the five trading sessions from 7 to 11 September, the DSEX, the benchmark index of the prime bourse, lost 126 points, recovered 72 points, and ended the week with a net decline of 90 points.
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In the previous week, the benchmark index of DSE extended its bullish momentum amid investors' broad-based optimism, stimulated by positive macroeconomic developments and mitigation of political uncertainty following the national election roadmap announcement.
In that week, DSEX advanced by 96.3 points or 1.7% to settle at 5,614 points.
Today, trading began on a positive note, but within the first five minutes, share sell-offs pushed the DSEX into the red. With the fluctuations of the indices, from 12:30pm onwards they started to rise and eventually closed on a positive note, breaking a three-day losing streak.
The DSEX gained 50.63 points to close at 5,523, while the DSE Shariah Index rose 8 points to 1,196 and the DS30, comprising blue-chip stocks, advanced 21 points to 2,151.
Of the traded stocks, 282 scrips surged, 54 declined and 65 stocks remained unchanged.
Hami Industries led the gainers' list with its share price surging by 9.97% to Tk113.60 per share. It was followed by Dulamia Cotton Spinning Mills, surging 9.82% to Tk129.70, Generation Next Fashions 9.67% to Tk3.40, S Alam Cold Rolled Steel 9.59% to Tk21.70, and IPDC Finance shares increasing by 8.87% to Tk23.30.
On the flip side, Peoples Leasing topped the losers' list, shedding 7.69% to Tk1.20 per share. Other major losers included Premier Leasing by 5.26% to Tk1.80, Prime Finance by 3.33% to Tk2.90, IFIC First Mutual Fund by 2.94% to Tk3.30, and Miracle Industries by 2.80% to Tk34.70.
