Dhaka stocks break two-day losing streak, but turnover remains low
However, daily turnover remained subdued, reflecting low investor participation
The benchmark index, DSEX, of the Dhaka Stock Exchange (DSE) ended its two-day losing streak today, gaining 9 points to close at 5,194.
However, daily turnover remained subdued, reflecting low investor participation.
The DSEX surged by 0.18%, while the blue-chip DS30 gained 0.17% to close at 1,924. Of the traded securities, 157 advanced, 156 declined, and 87 remained unchanged, indicating a mixed performance across the bourse.
According to the daily market review by EBL Securities, shares of Khan Brothers PP Woven Bag, Grameenphone, BAT Bangladesh, and Robi were key drivers behind the rise in the index. On the other hand, Beacon Pharma, Al-Arafah Islami Bank, Orion Infusion, Shahjalal Islami Bank, and Square Pharma acted as the main drags on the index on the Dhaka bourse.
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EBL Securities said trading activities remained stagnant with total turnover in DSE marginally increasing to Tk324 crore as against Tk307 crore in the previous session.
The market cap of the DSE increased by Tk1,500 crore to reach Tk6.60 lakh crore.
A managing director of a brokerage firm said the secondary market continues to be sluggish due to a lack of investor confidence.
"Despite holding funds, they are hesitant to actively participate in the market. Most investors are adopting a wait-and-see approach, refraining from entering the market unless specific events compel them to act," he added.
EBL Securities said the benchmark index of the Dhaka bourse managed to stay afloat, withstanding day-long volatility as bargain hunters opted to take positions in particular beaten-down scrips while most investors preferred to remain watchful due to prevailing worries regarding the market's momentum.
Market volatility persisted throughout the session as cautious investors still shy away from taking positions in equities amid uncertainties over the market outlook, although selling pressure has somewhat eased down with subtle price appreciation in sector-specific issues that provided a cushion to the ailing market, it added.
Meanwhile, most of the sectors displayed mixed returns, out of which telecom, jute and IT exhibited the most gains on the bourse, while ceramic, pharma and non-bank financial institutions exerted the most corrections.
Khan Brothers PP Woven Bag led the gainers' list, with its share price surging 9.82%, followed by HR Textile, Daffodil Computer and GQ Ballpen.
RSRM Steel was the top loser, with its share price dropping 4.85%, followed by SBAC Bank, Orion Infusion and Olympic Accessories.
Investors showed the highest activity in the banking sector, which accounted for 13.7% of the DSE's total turnover, followed by the pharmaceutical sector at 12.8% and the textile sector at 10%.
Grameenphone was the top-traded stock in terms of value. Its shares worth Tk13.29 crore were traded, followed by Fine Foods, Khan Brothers PP Woven Bag, Agni Systems and Orion Infusion.
