Stock market sees surge as investors go on buying spree
On the day, the benchmark index DSEX of the Dhaka Stock Exchange (DSE) rose by 68 points to close at 5,241, while the blue-chip index, DS30, surged by 20 points to reach 1,924
- DSEX rises 68 points to reach 5,241
- DS30 surges 20 points to 1,924
- Turnover grows by 4% to Tk358cr
- 306 issues advanced, 55 declined, 34 unchanged
Stocks surged today as investors seized the opportunity to purchase low-priced shares, which became attractive after the recent bearish trend.
On the day, the benchmark index DSEX of the Dhaka Stock Exchange (DSE) rose by 68 points to close at 5,241, while the blue-chip index, DS30, surged by 20 points to reach 1,924.
However, despite the rise in indices, trading activity remained relatively stagnant, with market turnover increasing by a modest 4% to Tk358 crore compared to the previous session.
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Market insiders reported that the Dhaka bourse opened on a positive note, and the momentum continued throughout the session, driven mainly by large-cap stocks, which played a key role in pushing the index higher.
Of the 395 issues traded on the DSE, 306 advanced, 55 declined, and 34 remained unchanged.
The EBL Securities, in its daily market commentary, said the benchmark index of the capital bourse ended in green for two consecutive sessions as investors continued to show interest in buying based on the earnings declarations of the companies amid ongoing regulatory meetings with different stakeholders.
Buyers grabbed the realm of the market momentum from the beginning of the trading session and possessed it till the end to settle the benchmark index in the positive territory, the review read.
However, the sustainability of this momentum possesses concern as the recent policy rate hike to 10% by the central bank could further increase the negative market sentiment of the investors, said the EBL Securities in the report.
On the sectoral front, pharma sector stocks exerted the highest by 24.2% in the total turnover, followed by banks by 20.2% and food sector by 10.6%.
The insurance sector topped the gainers' chart, with seven companies securing positions on the list. Paramount Insurance led the way, as its share price surged 10% to reach Tk33, followed by Central Insurance, Asia Insurance, and Bangladesh National Insurance.
On the other hand, Pragati Life Insurance was the top loser as its share price fell by 8.72% to Tk192.6 each, followed by NRB Bank, SK Trims and Lovello Ice-cream.
