GP drives DSEX gain despite losses in most stocks
On the day, the DSEX increased by 7 points to close at 5,143, driven primarily by Grameenphone’s performance
The benchmark index of the country's premier bourse edged higher today (26 November), breaking a three-session losing streak, despite declines in over 50% of the stocks.
On the day, the DSEX increased by 7 points to close at 5,143, driven primarily by Grameenphone's performance. However, the blue-chip index DS30 fell by 2 points to close at 1,894.
Of the traded stocks, 119 advanced, while 200 declined, and 79 remained unchanged, according to the bourse.
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Meanwhile, trading activities increased slightly, by 12.5% to Tk359 crore on the day, compared to the previous session.
According to Amar Stock, Grameenphone made the largest contribution to the index's rise, adding 36 points, followed by Midland Bank with 11 points, Heidelberg Materials with 2.57 points, and Islami Bank with 2.26 points.
On the other hand, several major stocks pulled the index down, with BAT Bangladesh leading the decline by subtracting 17.78 points, followed by Renata with a loss of 6.67 points and Power Grid reducing the index by 6.40 points.
In its daily market commentary, EBL Securities said the benchmark index of the Dhaka bourse managed to stay afloat in green territory following consecutive downbeat sessions owing to investors' buying interest in particular large-cap scrips, while overall market sentiment remains subdued, extending the market's waning momentum.
The market volatility persisted throughout the session as cautious investors still shy away from taking positions in equities amid uncertainties over the market outlook, EBL Securities added.
However, selling pressure has somewhat eased down after the market observed a prolonged downtrend, while subtle price appreciation of sector specific issues provided cushion to the ailing market, the report added.
On the sectoral front, bank stocks accounted for the highest turnover at 23.1%, followed by food at 12.4% and pharma at 10.4%.
NRB Bank was the top traded stocks in terms of value, with Tk20.20 crore, followed by Midland Bank with Tk17.11 crore and Agni Systems at Tk12.37 crore.
Most of the sectors displayed mixed returns, out of which miscellaneous, jute and paper exerted the most gains while non-bank financial institutions, general insurance and food exerted most corrections on the bourse.
Stylecraft led the gainers' list with a 9.88% increase, reaching Tk48.9 per share, followed by Information Services Network with a 9.03% gain and Midland Bank with 7.78%.
Meanwhile, National Feed Mill was the worst performer on the day as its share price dropped by 9.94% to close at Tk7.9 following the no dividend declaration for the last fiscal year.
