Dhaka indices rise as investor participation rebounds
Of the traded stocks, 277 advanced, 69 declined, and 51 remained unchanged
Stocks on the Dhaka Stock Exchange (DSE) closed higher today (2 July), rebounding from the previous day's correction, as investor participation increased amid a growing sense of optimism over the country's macroeconomic outlook.
On the day, DSE's benchmark DSEX rose 26 points to close at 4,865, while the blue-chip DS30 added 1.73 points to settle at 1,817.
Of the traded stocks, 277 advanced, 69 declined, and 51 remained unchanged. Turnover surged by 3% to Tk479.52 crore, up from the previous session.
Shanta Securities, in its daily market commentary, said that market movement was driven by positive changes in the market cap of travel and leisure, bank, and paper and printing scrips amid negative changes in the market cap of telecommunication, miscellaneous, and cement scrips.
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EBL Securities said in its report, the Dhaka bourse returned to gaining momentum following a flat performance in the previous session, as investors renewed their buying interest amid improving macroeconomic factors, supported by healthy foreign exchange reserves, rising exports, and record remittance inflows.
The market stayed upbeat throughout the session, driven by a strong buying trend in the majority of the stocks as investors turned active on the trading floor ahead of June earnings declarations, taking early positions in stocks, they deemed trading at a lucrative price level, it added.
BRAC EPL Stock Brokerage said most of the large-cap sectors posted positive performance on Wednesday. Non-bank financial institutions booked the highest gain of 1.39% followed by engineering, bank, food and allied, fuel and power and pharmaceutical sectors.
Beach Hatchery was the top traded stock, which was followed by Agni Systems and Lovello Ice-cream.
Despite posting loss and no dividend declaration, Islami Finance led the gainers list as its share price jumped by 10% to reach at Tk8.80, which was followed by Desh Garments, which rose 10% to Tk115.5 per share, Meghna Insurance with a 9.85% gain to Tk23.4, and Salvo Chemical, up 9.79% to Tk21.3.
On the other end, Central Insurance was the day's top loser, dropping 5.89% to Tk36.7, Standard Bank followed, falling 4.68% to Tk6.1, and Dula Mia Cotton lost 3.26% to Tk69.3.
The port city bourse, Chittagong Stock Exchange (CSE), also settled in a positive zone. The CSCX and CASPI indices rose by 48 and 90 points, respectively.
