Islami Bank, GP lift DSEX despite most stocks falling
On the day, the DSEX increased by 17 points, reaching 5,777 points, up from 5,760 in the previous session. The Shariah index (DSES) gained 14 points to settle at 1,288, while the blue-chip index (DS30) edged up by 12 points, finishing at 2,109
The benchmark index of the country's premier bourse edged higher on Tuesday (24 September), driven by strong performances from Islami Bank, Beacon Pharma, and Grameenphone, despite declines in 66% of the stocks.
On the day, the DSEX increased by 17 points, reaching 5,777 points, up from 5,760 in the previous session. The Shariah index (DSES) gained 14 points to settle at 1,288, while the blue-chip index (DS30) edged up by 12 points, finishing at 2,109.
The total turnover at the Dhaka Stock Exchange (DSE) stood at Tk718 crore, showing a slight increase from the previous session's Tk674 crore. Of the traded stocks, 93 advanced, 262 declined, and 40 remained unchanged, according to the bourse.
According to EBL Securities' daily market review, Islami Bank led the charge by contributing 25.4 points to the index's rise, followed by Beacon Pharma with 7.2 points, Grameenphone with 4.1 points, Olympic Industries with 3.7 points, and BAT Bangladesh with 2.8 points.
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However, several key stocks weighed on the index, with Khan Brothers PP Woven Bag leading the decline by subtracting 4.9 points. Beximco Pharma followed closely with a drop of 2.5 points, while Orion Infusion decreased by 1.7 points.
In its daily market commentary, EBL Securities noted that the benchmark index of the Dhaka bourse managed to close in positive territory for two consecutive sessions, primarily driven by price appreciation in specific large-cap stocks. However, overall market sentiment remains subdued as cautious investors are monitoring the market's momentum amid forthcoming corporate declarations.
The indices surged in the early session, buoyed by investors' buying interest in large bank sector stocks, pushing the benchmark index to an intraday high of 5,825.2 points within the first ten minutes of the session. However, subsequent selling pressure eroded most of these early gains, the report added.
On the sectoral front, bank stocks accounted for the highest turnover at 21.4%, followed by pharmaceuticals at 18.9% and telecom at 10.2%. Grameenphone was the top traded company in terms of value, with Tk59.97 crore, followed by BRAC Bank with Tk40.93 crore, Linde Bangladesh at Tk38.90 crore, IBN Sina Pharma with Tk36 crore, and Islami Bank at Tk29 crore, according to the DSE.
Most sectors displayed dismal returns, with ceramics, jute, and paper posting the most significant negative returns on the bourse, while mutual funds, telecom, and food exhibited slight gains.
Grameen One Mutual Fund led the gainers' list with a 9.77% increase, reaching Tk14.6 per share, followed by Islami Bank with a 9.02% gain and Beacon Pharma with an 8.33% rise. Meanwhile, Khan Brothers PP Woven Bag topped the losers' list with a 9.94% drop, bringing its share price down to Tk141.2, followed by Newline Clothing with a 9.21% decline to Tk27.6 per share, and Orion Infusion, down 8.26% to Tk327.6 per share.
