Dhaka bourse turnover hits one-month high

The daily turnover at the Dhaka Stock Exchange (DSE) hit a one-month high on Sunday, while its benchmark index surged by 36 points – the highest since November last year.

The daily turnover value of the country's premier bourse stood at Tk662 crore, which was 55% higher than the previous session.

Besides, the key index, DSEX, also surged by 0.58% to reach 6,250 after 11 sessions.

According to market insiders, the DSE regained positive momentum after a month-long bear run as investor confidence began to recover across the trading floor owing to a clear indication regarding not withdrawing the floor prices in the immediate future.

EBL Securities said in its daily market review that the market started on a positive note as investors started to inject fresh funds into equities with an anticipation of positive momentum since the continuation of the floor price restrictions has provided a safeguard against further capital erosion from this price level.

The prolonged correction in the market has created lucrative investment opportunities that enticed bargain hunters to take positions in sector-specific issues after the recent regulatory stances to restore market confidence, it added.

Stockbrokers gave credit to bargain hunters who are looking to bag some oversold stocks to reduce their average costs. Meanwhile, some trendy stocks also attracted buyers who were looking for quick gains when the market is expected to enter a recovery phase.

During the session, 152 scrips advanced, 14 declined, and 174 remained unchanged at the DSE trading floor.

However, no units or shares of 62 scrips were traded on the DSE despite the increase in the index and turnover. Most of these companies belong to mutual funds, non-bank financial institutions, and the textile sector. And among other sectors, BSRM Steel, Titas Gas, Energy Pac Power, and Rupali Bank are notable.

Meanwhile, share trading in the block market jumped by 43% to Tk93 crore on Sunday at the DSE. On the day, among the 57 scrips, Sea Pearl Beach Resort was the top traded shares at Tk56 crore. On this day, the shares were traded in the block market at a price 13% lower than the highest price in the main market.

On the sectoral front, IT issues exerted the highest turnover of 30.6%, followed by life insurance at 10.7% and food at 9.3%.

The Bangladesh Shipping Corporation had the most actively traded shares among the listed companies, followed by Genex Infosys, ADN Telecom, and Sea Pearl Beach Resort at the DSE.

Most of the sectors displayed mixed returns, out of which IT exhibited the most positive returns on the bourse at 3.5%, life insurance at 1.6%, and paper at 0.2%, while general insurance exerted the most corrections at 0.9%, jute at 0.6% and travel at 0.3%.

Based on the last trading price, the Bangladesh General Insurance Company, in its effort to keep the top position in the gainers' table, saw its share price soar by 9.96% to reach Tk65.1 per share.

Union Capital topped the losers' list on the DSE trading floor as its shares fell by 10% to close at Tk8.1 on Sunday.

Besides, the SME companies' index DSMEX also jumped by 54 points, or 5%, to reach 1,096. The turnover value at the SME platform also rose by 24% to Tk3.28 crore. Among the 13 companies being traded, 12 advanced and one declined.

Apex Weaving was the top gainer with a 9.67% price hike, while Star Adhesive was the worst with a 6.34% loss.

By the end of the session, the Chittagong Stock Exchange all-share price index CASPI surged 120 points to reach 18,402.