Large-cap stocks push indices higher
DSEX gained 0.58% to close at 7,076 points on Sunday
Despite price correction of the majority of shares on Sunday indices in both the bourses of Dhaka and Chattogram moved up thanks to the price appreciations of many large-cap stocks – which have more weight on the indices – such as Grameenphone, Square Pharmaceuticals, British American Tobacco, and Walton.
DSEX, the broad-based index of the Dhaka Stock Exchange (DSE) gained 0.58% to close at 7,076 while only 155 listed scrips advanced against a decline of 177 scrips.
Brokers observed a portfolio rebalancing – selling weak stocks to buy stronger ones – a tendency among many investors.
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"Investors showed buying appetite in selective issues ahead of the December-end earnings declarations," EBL Securities wrote in its daily market commentary.
In Bangladesh, other than financial services firms and some multinational companies, all close their financial year in June.
Non-life insurance stocks, following the recent correction, observed some price appreciation on Sunday.
Increased appetite for blue-chip stocks resulted in a sharper rise in the DSE's blue-chip index DS30 that gained 0.74% to close at 2,611 on Sunday.
The upward momentum of the market sustained as investors' spontaneous participation added strength to the rally amidst the exception of positive market performance ahead, EBL Securities said.
Total turnover in DSE has increased by 5.9% to Tk1,335 crore. Miscellaneous, engineering and pharmaceutical sectors contributed to the daily turnover the most.
The general insurance sector gained the maximum, 3.4% in market capitalisation, followed by the food and engineering sectors that gained 2.5%.
Ceramic, paper and jute were the top losing sectors on Sunday.
In the Chittagong Stock Exchange, turnover increased to Tk53 crore from Tk41 crore while all its indices were up on Sunday.
