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Dhaka bourse breaks losing streak on increased activity

FE REPORT | May 17, 2023 00:00:00

The Dhaka bourse on Tuesday ended in green breaking losing streak of last three consecutive sessions as investor participation increased.

The recent price movement of many securities encouraged investors to take part in trading and that led to a rise in index.

The market opened the day's session with a positive note and soon the DSE broad index DSEX lost some points.

After the midsession, the DSEX continued a slow and steady upward trend. Investors' increased participation finally helped the DESX to see a marginal rise of 17 points to close at 6277 points.

The Shariah index DSES and DS30 index comprising blue chip securities also advanced marginally.

Of the total issues traded, 96 advanced, 65 declined and the remaining 165 were unchanged.

Most of the issues that remained unchanged had been stuck at floor prices for long.

On Tuesday, the turnover on the premier bourse rose 14 per cent to Tk 7.44 billion from the previous session.

EBL Securities said the recent price correction of listed securities created a scope of short-term gains that enticed bargain hunters to become active on the trading floor.

Of the major sectors, non-life insurers attracted optimistic investors. A majority of the companies of the sector saw marginal price appreciation.

The market capitalisation of bank, fuel & power, general insurance, and pharmaceutical sectors also advanced marginally.

The travel & leisure sector comprising only four companies saw the highest appreciation mainly driven by the share price hike of Sea Pearl Beach Resort & Spa.

On Tuesday, the stock advanced 9.01 per cent helping the company to be on the list of the day's top 10 gainers.

Small-cap companies dominated the gainers' chart with price appreciation between 7.24 per cent and 10 per cent.

Meghna Insurance Company was the number one gainer with 10 per cent price appreciation to close at Tk 36.30.

BRAC Bank was the highest loser on Tuesday. Its share price declined 7.01 per cent to Tk 35.80, compared to the previous day's closing price.

Intraco Refueling Station had the highest contribution to daily turnover with transaction volume of Tk 434 million, followed by Gemini Sea Food, Bangladesh Shipping Corporation, and LafargeHolcim Bangladesh.

Investor participation was mostly concentrated on the food & allied sector. The sector saw a turnover of Tk 1.05 billion, capturing 14.1 per cent of the total market turnover.

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