DSEX inches down, insurance stocks up
Due to profit booking pressure, DSEX, the broad-based index of the Dhaka Stock Exchange (DSE) closed 0.05% lower at 6,260 on Monday (15 May).
However, non-life insurers stole the show in the session as their share prices surged after a long depression near the floor.
Stockbrokers said, despite some earnings stress most of the non-life insurers announced decent cash dividends for 2022 and ahead of the dividend payment many investors found the stocks lucrative in terms of dividend yield, while the stocks were oversold.
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When investors tried to rotate their funds from the recently rallied stocks, suddenly insurance stocks attracted them this week.
In the third consecutive bearish session on Monday, 19 of the top 20 gainers in the DSE were insurance stocks, while some had no seller at the highest allowable price for the day.
Both the blue-chip index DS30 and Shariah index DSES closed 0.2% lower as short-term investors have been trying to book profits from large-cap stocks for the last one week.
Turnover in the premier bourse increased to Tk653 on Sunday from Tk636 in the previous session.
70 scrips advanced, and 84 declined in the DSE.
