Stocks snap two-day losing streak
The key index DSEX of the Dhaka Stock Exchange (DSE) gained 6 points to reach 6,245 compared to the previous session.
Major indices of both Dhaka and Chittagong stock exchanges witnessed an upward trend on Tuesday after experiencing two consecutive days of declines.
EBL Securities said in its daily market review that the benchmark index of the Dhaka bourse managed to stay afloat in green territory following consecutive sessions of corrections since opportunistic investors sought bargain hunting opportunities in sector-specific issues, while cautious investors continued to offload their holdings as they remained apprehensive over concerns regarding the market momentum surrounding the impending national election.
The key index DSEX of the Dhaka Stock Exchange (DSE) gained 6 points to reach 6,245 compared to the previous session.
Besides, the Chittagong Stock Exchange (CSE) all-share price index (CASPI) surged 13 points to 18,521.
The daily turnover of the DSE increased by 12% to Tk460 crore over the previous session.
Out of the 338 issues traded, 90 advanced, 69 declined, and 179 remained unchanged at the Dhaka bourse.
EBL Securities said investors were active on both sides of the trading fence owing to subdued confidence, resulting in mild volatility of the market indices throughout the session.
On the sectoral front, pharmaceutical issues exerted the highest turnover with a 17.0% contribution to the DSE total turnover, followed by engineering (15.5%) and mutual funds (11.0%).
Orion Infusion was the top-traded share on the Dhaka bourse, followed by Bd Thai Aluminium and Sea Pearl Beach Resort.
Most of the sectors displayed mixed returns, out of which life insurance, mutual funds, and ceramics exhibited the most positive returns on the bourse, while jute, travel, and general insurance exerted the most correction.
Bd Thai Aluminium, which generated a stunning 9.87% return, topped the daily gainers table, followed by Khulna Printing, the 1st Prime Finance Mutual Fund, Fu Wang Ceramic, and Golden Jubilee Mutual Fund, whose stock prices increased by over 9%.
Besides, Sea Pearl Beach Resort was the top loser on Tuesday at the DSE as its share price declined by 9.92%. The other top losers were Standard Ceramic, Sonali Ansh, and Beach Resort.
The floor price continued to remain the worry of majority investors as most of the listed scrips had no buyer at or above the floor prices the securities regulator imposed at the end of July 2022.
While the blue-chip stocks were either under selling pressure or stuck at floor prices, investors' participation was significantly concentrated among the trendy speculative scrips, mostly the shares of troubled companies.