Stocks recover sharply during last hour of trade

Dhaka stocks, following their seven consecutive winning sessions, faced selling pressure just after the opening bell on Wednesday, but the bulls finally pulled the market up sharply in the last hour of the trading session. 

Consequently, DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), logged its eighth consecutive green session on the volatile day as the major equity benchmark closed 0.05% higher at 6,266, compared to the previous session.

Stockbrokers said many investors started their day with a rush to book some of their recent quick profits, and that pushed the DSEX to 6,255-mark at 12:47pm, from 6,269 in the morning. 

"Buoyant investors continued their chase for the rallying scrips with positive expectations from the upcoming corporate earnings disclosures," wrote EBL Securities in its daily market commentary. 

Meanwhile, market participation continued to increase as total turnover in the DSE increased by 7.3% to Tk765.3 crore – highest since 18 January. 

On the sectoral front, food, travel and IT contributed the highest 16.9%, 13% and 11.8% respectively to the DSE's total turnover for the day. 

Most of the sectors displayed positive returns, out of which, jute, ceramic and cement exhibited the highest 5.9%, 1.1% and 0.8% returns respectively. 

On the other hand, life insurance, tannery and miscellaneous led the losers with 0.7%, 0.6% and 0.4% declines in their respective market capitalisations. 

Losers outnumbered the gainers in the DSE as 64 advanced and 72 scrips declined. 

Thanks to the price hike of several large-cap stocks like Olympic Industries and Unique Hotel as it influenced the broad-based index more than small-cap stocks' rally. 

278 scrips were stuck on the floor prices, while 122 were trading above the floors during the closing bell. 

Apex Foods, Aftab Auto, Sonali Aansh, Heidelberg Cement, Monospool, Shinepukur Ceramic, Aamra Network, Navana Pharma, Navana CNG and ISN Ltd were the top gainers of the day as their prices increased by 4% to 9%. 

On the other hand, Bangladesh Lamps, Yeakin Polymer, Apex Footwear, Khan Brothers PP Woven Bag, Bangladesh Autocar, National Tea, Fine Foods, BD Thai Food, Oimex Electrode and Stylecraft led the losers with 2.8% to 6.4% declines.