Indices continue to climb, DSE turnover highest in a month
Bargain hunters dominate the session, looking for quick gain opportunities
Equity indices at the Dhaka Stock Exchange (DSE) continued their upward momentum for the second straight session on Thursday, with the daily turnover reaching a one-month high.
Investors' confidence seemed to have taken a positive turn as the market has risen for the last two sessions, after the easing of economic uncertainties that had been looming prior to the national election.
On Thursday, DSE's broad-based index DSEX moved up 16 points compared to the previous trading session, and stood at 6,302, which was the highest in nearly four months. Shariah index DSES advanced four points to 1,376, and blue-chip DS30 rose nearly ten points to settle at 2,118.
The participation of investors also increased significantly as the daily turnover at the Dhaka bourse grew 48% to Tk752.8 crore.
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On Thursday, 117 scrips advanced, 60 declined, and 178 remained unchanged on the DSE trading floor. 12 scrips left the floor price on the day, while four new scrips hit the floor.
The benchmark index of the Dhaka bourse extended the upward momentum due to growing confidence in the market as investors are optimistic regarding a gradual improvement of the challenges impeding the market's momentum, according to the daily market commentary by EBL Securities.
The market remained upbeat throughout the session as bargain hunters continued their dominance as they sought to take positions in the current rallies with anticipation of quick gains, the review reads.
On the sectoral front, engineering stocks contributed the highest 12.6% to the day's turnover, followed by general insurance adding 10.1%, and IT stocks adding 9.8%.
Most of the sectors exhibited positive returns, with IT posting the highest price appreciation of 3.1%. Travel and paper sectors gained 2.7% and 2.4% respectively.
On the other hand, jute and mutual fund sectors each witnessed the highest price correction of 0.7%, followed by financial institutions losing 0.2%.
At the DSE, the top three most traded stocks were Deshbandhu Polymer, Genex Infosys, and Sea Pearl Beach Resort.
Bashundhara Paper Mills was the top gainer with a price appreciation of 8.85%. On the other hand, Central Pharmaceuticals was the day's top loser experiencing a 6.7% correction.
The port city bourse Chittagong Stock Exchange also settled on green terrain. The selected indices (CSCX) and All Share Price Index (CASPI) advanced by 22.2 and 38.4 points respectively.
