Indices inch up riding on selective stocks

Indices went up for the second consecutive session on Wednesday as investors displayed a buying appetite, especially for the stocks that became lucrative after posting better than expected quarterly earnings defying several headwinds.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), advanced 0.16% to 6,296, compared to the previous trading session. 

Overall market participation also jumped by 35% as the DSE daily turnover stood at Tk748.5 crore on Wednesday. 

According to the daily market commentary of EBL Securities, the market was mostly upbeat throughout the session as buy dominance, fuelled by recent earnings disclosures of some sector-specific scrips, prevailed across the bourse.

However, most of the scrips faced corrections as cautious investors continued to rebalance their portfolios driven by disclosures by the firms that succumbed to the economic challenges and posted dismal earnings in the latest October to December quarter, the review added.

Out of the 391 issues traded, 44 advanced, 120 declined, and 227 remained unchanged.

On Wednesday, Gemini Sea Food, Monno Ceramic Industries, Apex Footwear, Bangas, Fine Foods, and Sea Pearl Beach Resort & Spa are some of the companies that made the list of top ten gainers. 

Gemini Sea Food was the most appreciated stock as it gained the highest 8.7% on the day. 

Among the gainers, the share price of Sea Pearl Beach Resort went up by 5.1% to Tk298.9. In the October to December quarter of 2022, the company posted a staggering 175% growth in its profits, compared to the same quarter of 2021. 

Biscuit-maker Bangas gained 5.6% and its share price stood at Tk115.3 on Wednesday. The company registered a 32% year-on-year growth in profits in the July to December period of 2022, thanks to higher sales of its products. 

Another biscuit-maker, Olympic Industries, posted a 46% profit growth in the first half of the fiscal 2022-23. The company's shares are trading at Tk155.6 each at the DSE. 

On the other hand, Orion Infusion, Bangladesh Shipping Corporation, ADN Telecom, Hwa Well Textiles (BD), Bengal Windsor Thermoplastics, and Aamra Networks were among the most corrected stocks on Wednesday.

On the sectoral front, pharma stocks contributed the highest to the daily turnover, followed by IT and miscellaneous stocks. 

Most of the sectors displayed mixed returns, out of which travel, jute, and ceramic exhibited the highest positive returns, whereas services and general insurance faced the highest corrections.