The daily turnover on Dhaka Stock Exchange (DSE) climbed to a fresh one-year high on Tuesday, as optimistic investors put fresh funds on selective large-cap stocks.
Turnover, a crucial indicator of the market, stood at Tk 28.28 billion, up 42 per cent from the previous day's tally of Tk 19.90 billion. It happened to be the biggest single-day transaction in the DSE after one year since September 7, 2021, when daily turnover was recorded at Tk 28.66 billion.
Three most-traded companies grabbed 30 per cent of the day's total turnover, with Beximco featuring a turnover of Tk 3.42 billion, followed by Orion Pharma (Tk 3.27 billion), and Bangladesh Shipping Corporation (Tk 1.55 billion).
The DSE saw its all-time-high daily turnover of Tk 32.49 billion on December 5, 2010, when the market saw a bull run before a crash.
On Tuesday, the market opened sharply higher and the key index of the premier bourse soared 75 points in the first three hours of trading. But a sudden, intense selling pressure in the last hour wiped off all the gains.
DSEX, the benchmark index of the DSE, finally settled the day 4.22 points or 0.06 per cent lower at 6,596, after gaining about 114 points in the past three trading days.
Market insiders said the investors were active on both sides of the trading fence as optimistic investors kept their buying binge on selective stocks while cautious investors opted for booking profit on quick-gaining issues, pushing the market turnover to one-year high.
The risk-averse investors realized some profits on selective stocks as the DSE key index crossed 6,600 mark after four months in the previous session, said a merchant banker.
Some investors were also busy reshuffling their portfolio ahead of dividend declarations by June-closing companies, he said.
"Despite a staggering start, the rallying market hit a clutch by the end of the session due to across the bourse sell-offs since the overheated market prompted investors to liquidate their positions in the recently outperformed stocks," said EBL Securities.
Considering the recent adversities on the macroeconomic front, investors preferred to take a cautious stance, with an apprehension of gloomy earnings forecasts of the major companies, said the stockbroker.
The shaky investors preferred to book some quick-gain on sector specific stocks, following the last three days' upward movement, said International Leasing Securities.
Two other indices also edged lower. The DS30 Index, comprising blue-chip companies, shed 4.34 points to close at 2,401 and the DSES Index dropped 3.0 points to finish at 1,448.
However, most of the shares saw price corrections, as of the 373 issues traded, 156 declined, 72 advanced and 145 others remained unchanged on the DSE trading floor.
The pharmaceuticals sector topped the turnover chart, grabbing 26 per cent of the day's total turnover, followed by miscellaneous (22 per cent) and engineering (9.0 per cent).
Block trade contributed Tk 1.20 billion to the day's total turnover, where stocks like Orion Pharma (Tk 330 million), Beximco (294 million), BDCOM Online (Tk 185 million) and Marico (Tk 120 million) dominated the block trade board.
Most of the large-cap sectors posted negative performance. Power experienced the highest loss of 0.25 per cent, followed by engineering with 0.23 per cent, food 0.21 per cent, banking 0.19 per cent and telecom 0.10 per cent.
The non-bank financial institutions and pharmaceuticals gained 0.94 per cent and 0.07 per cent respectively.
Central Pharmaceuticals was the day's top gainer, rising 9.45 per cent while BD Welding Bangladesh Electrodes was the worst loser, losing 9.23 per cent.
However, Chittagong Stock Exchange (CSE) ended marginally higher with the CSE All Share Price Index (CASPI) rising 56 points to settle at 19,450 and its Selective Categories Index (CSCX) gaining 35 points to close at 11,659.
Of the issues traded, 97 declined, 79 advanced and 106 issues remained unchanged.
The port-city bourse traded 8.38 million shares and mutual fund units with a turnover value of Tk 496 million.
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