Stocks keep roaring for four straight sessions, turnover hits 2-year high
Out of the 397 issues traded, 171 advanced, 204 declined and 22 remained unchanged
Following the change in government, stocks have surged for four consecutive sessions, fueled by investor optimism for market reforms which began with the resignation of the securities regulator's chairman.
The Dhaka Stock Exchange's (DSE) key index, DSEX, jumped by 91 points on the first trading day after the resignation of the Bangladesh Securities and Exchange Commission (BSEC) chairman, Shibli Rubayat Ul Islam, bringing the index above the 6,000 mark for the first time in five months. The index last stood above 6,000 on 12 March.
In its four-session gaining streak, the DSEX increased by 786 points while the market cap increased by Tk68,000 crore.
EBL Securities said in its daily market review, the capital bourse extended its gaining streak for four straight sessions, withstanding intraday volatility as investor euphoria continues with record high market participation in nearly two years, driven by ongoing optimism surrounding recent changes in the country's political environment.
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It further said that the market opened with strong upward momentum, adding 291 points in the first 30 minutes of the session as buyers rushed onto the rallying scrips.
However, indices cooled down due to the subsequent profit-booking sell-offs as the market experienced significant gains in recent times owing to the notable shift in investor sentiment, it added.
Islami Bank played a pivotal role in yesterday's index rise, contributing 18 points, followed by Grameenphone, BRAC Bank, BAT Bangladesh, and Robi.
Meanwhile, market turnover surged over the Tk2,000 crore mark after around two years. The last time market turnover reached this mark was in September 2022.
Out of the 397 issues traded, 171 advanced, 204 declined and 22 remained unchanged.
On the sectoral front, bank shares contributed the most to the total turnover at 24.5%, followed by pharmaceuticals at 13.2% and telecom at 10.2%.
Grameenphone topped the turnover chart with shares worth Tk138 crore traded, followed by BAT Bangladesh Tk62 crore, BRAC Bank Tk60 crore, and Robi Tk54 crore.
Sectors mostly displayed positive returns, out of which telecom, non-bank financial institution, and mutual fund exhibited the most positive returns on the bourse yesterday, while cement, tannery and services exerted the most corrections.
Mutual funds led the top gainers' list, with six funds making it to the table. AB Bank 1st Mutual Fund topped the list with a 10% gain, followed by AB Bank, ACI, DBH First Mutual Fund, and Grameen One: Scheme Two.
ICB Asset Management Company, which managed three mutual funds, was the worst performer of the day after announcing poor dividends to their unit holders for the last fiscal year.
ICB AMCL Third NRB Mutual Fund was the worst performer, with its unit price falling by 5.26%, followed by ICB AMCL Sonali Bank Limited 1st Mutual Fund and ICB AMCL Second Mutual Fund.
The port city bourse, Chittagong Stock Exchange, also settled on green terrain. The selected indices CSCX rose by 286 points to 10,418 and all-share price index CASPI surged by 483 points to 17,282.
