Dhaka stocks rally for second day as turnover jumps 33%
The turnover at the DSE stood at Tk42.98 crore in the first half an hour session
Dhaka stocks rallied for two consecutive sessions today (29 December) as cautious investors showed buying interest amid overall low participation and a downward market trend, influenced by the economic environment and ongoing political uncertainty.
On Sunday, the benchmark DSEX index of the Dhaka Stock Exchange (DSE) increased by 20 points, closing at 5,205. The DSE Shariah Index decreased by 0.34 points to 1,166, while the DS30 index rose by 4 points to 1,932.
Turnover at the DSE increased by 32.7%, reaching Tk374 crore, up from Tk282 crore compared to the previous session.
Among the 399 stocks traded, 225 gained, 100 declined, and 74 remained unchanged.
The indices started the session on a positive note and maintained an upward trend during the first hour. However, after one and a half hours, the main index began to decline. Subsequently, the indices rebounded and continued to rise positively until the session ended.
Key stocks contributing to the gains included British American Tobacco Bangladesh, Robi Axiata, Berger Paints Bangladesh, Pubali Bank, Bangladesh Submarine Cables, Southeast Bank, Eastern Bank, The City Bank, Meghna Petroleum, and Linde Bangladesh Limited.
Legacy Footwear topped the list of gainers, followed by Mercantile Islami Insurance, Anwar Galvanizing, Aftab Automobiles, City Insurance, and Golden Harvest Agro Industries.
Renwick Jajneswar topped the list of losers, followed by Jute Spinners, Envoy Textiles, Renata, and Zahintex Industries.
In its daily market commentary, EBL Securities noted that the benchmark index of the capital bourse started the week on a positive note, extending its gaining streak for two consecutive sessions.
This was due to investors' buying appetite for sector-specific issues they deemed lucrative, along with portfolio rebalancing by cautious investors ahead of the year-end.
The market witnessed range-bound trading activity, with both buyers and sellers active on both sides of the trading fence, trying to capture the market momentum.
However, buyers ended up on the dominant side, pulling up the indices further to settle in positive territory for another session, defying the prevailing downtrend, according to the commentary.
On the sectoral front, the pharma sector contributed the highest turnover, at 17.7%, followed by the bank sector at 15.7% and the textile sector at 9.4%.
Most sectors showed positive returns, with the tannery sector posting the highest gains at 1.8%, followed by the general insurance sector at 1.4%, and the Food sector at 1.2%.
The Chittagong Stock Exchange also had a positive session. The selected indices (CSCX) and the All-Share Price Index increased by 21.1 points and 36.1 points, respectively.