Bulls back for round two as the DSEX gains, turnover jumps 22.5%

The benchmark DSEX Index of the Dhaka Stock Exchange (DSE) rose 23 points, or 0.41%, to close at 5,660 points, compared to 5,637.31 points in the previous session.

The country’s capital bourse extended its winning streak for a second consecutive session today (2 September), driven by broad-based bargain hunting on beaten-down shares, pushing daily market turnover up 22.5% to Tk731 crore.

The benchmark DSEX Index of the Dhaka Stock Exchange (DSE) rose 23 points, or 0.41%, to close at 5,660 points, compared to 5,637.31 points in the previous session.

The Shariah-compliant DSES Index advanced 4.70 points, or 0.42%, to 1,135.12, while the blue-chip DS30 Index gained 3.45 points, or 0.16%, to finish at 2,125.49.

DSE data showed the market opened strong, hitting an intraday peak of 5,673 points before temporary selling pressure dragged the index down to 5,644 points by mid-morning. The index later regained momentum to close in positive territory, marking the second straight day of gains.

Late-session accumulation in textile and insurance stocks secured a green close at the end of the trading session.

Out of 395 issues traded, 239 stocks advanced, 92 declined, and 57 remained unchanged, the data showed.

EBL Securities, in its daily market commentary, said the benchmark index of the capital bourse extended its recovery for a second consecutive session, as opportunistic investors sustained broad-based bargain hunting, accumulating beaten-down scrips at perceived attractive price levels, although broader investor sentiment remained cautious amid persistent domestic concerns.

The market opened on an optimistic note, although early gains were pared back as the benchmark index faced intermittent selling pressure, with investors remaining active on both sides of the trading fence. However, sustained buying interest, particularly in the textile and insurance sectors, persisted throughout the session, ultimately enabling the market to close higher, it said.

On the sectoral front, Textile sector stocks accounted for the highest share of turnover by 39.5%, followed by general insurance by 13.1% and Pharma sector stock by 10.3%.

Sectors mostly posted positive returns, where General Insurance by 2.3%, Textile 2% and Tannery 1.4% exhibited the highest return, while only Financial Institution and Jute sector stocks exhibited marginal correction on the bourse.

The port city bourse, CSE, ended in positive terrain. The Selective Categories’ Index (CSCX) and All Share Price Index (CASPI) advanced by 31.7 points and 56.2 points, respectively.

Source: The Business Standard