Dhaka stocks edge up amid selling pressure
Despite the sell-off, the DSEX, the benchmark index of the Dhaka Stock Exchange, edged up by 1.49 points to settle at 5,147, while turnover increased slightly by 3.3% to Tk444.41 crore
The majority of stocks traded on the Dhaka bourse witnessed a price decline today (4 February) amid selling pressure.
Despite the sell-off, the DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), edged up by 1.49 points to settle at 5,147, while turnover increased slightly by 3.3% to Tk444.41 crore.
Of the stocks traded, the prices of 185 declined, while 140 scrips advanced and 74 remained unchanged.
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Stocks opened on a positive note today as investors focused on buying. However, 45 minutes into trading, a selling spree took hold of the market and continued until 11:31am.
After that, the market rebounded and by the end of the trading session, stocks managed to close in the green.
EBL Securities in its daily market commentary said that the benchmark index of the Dhaka bourse managed to close in green territory despite the majority of scrips experiencing corrections following a short-lived upbeat vibe, as investors seized opportunities in sector-specific issues based on recent corporate declarations.
"The market saw active participation from both sides of the trading fence while cautious investors engaged in profit booking amid uncertain momentum. Additionally, investors are adopting further caution over the market's weakened trend amid the continued regulatory reclassification of particular stocks into the Z category," it states.
On the sectoral front, the banking sector accounted for the highest share of total turnover (20.4%), followed by the pharmaceutical sector (12.8%) and the textile sector (10.5%).
Energypac Power Generation topped the gainers' chart as its share price hit the highest circuit, rising 9.69% to Tk18.1 each, followed by GPH Ispat with a 5.79% increase to Tk21.9 each, and Kohinoor Chemicals Company (Bangladesh) with a 5.67% rise.
Anlimayarn Dyeing led the losers' list as its share price declined by 5.85% to Tk24.1 each, followed by Usmania Glass with a 5.49% drop to Tk34.4 each, and Zaheen Spinning Mills with a 5.19% decrease to Tk7.3 each.
The port city bourse, CSE, also closed in the green. The Selective Categories' Index (CSCX) and the All Share Price Index (CASPI) rose by 14.6 points and 30.1 points, respectively.
