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DSE turnover jumps 35pc

Stocks extend gains for second day

FE REPORT | February 09, 2023 00:00:00

Stocks gained for a second consecutive session on Wednesday as investors put fresh bets on sector-specific shares, buoyed by latest earnings disclosures.

Market operators said some investors continued to chase selective stocks that posted decent earnings growth in this turbulent time, in anticipation of quick gains.

The benchmark DSEX index of Dhaka Stock Exchange (DSE) ended 10.25 points higher at 6,295.65 after a choppy trading session, The DSEX added nearly 15 points in the past two days.

Beximco Pharma, Sea Pearl Beach Resorts, Islami Bank, Kohinoor Chemicals and Apex Footwear led the gains in benchmark index as these stocks jointly added 12 points to the index.

Investor participation also increased, causing the daily turnover to jump 35 per cent to Tk 7.48 billion on the premier bourse.

"Buy dominance prevailed across the bourse, driven by the recent earnings surprises of some sector-specific issues," said EBL Securities, a stockbroker.

The recent improvements in macroeconomic indicators, such as narrowing trade deficit and rising exports and remittances and receiving the first tranche of IMF loan will help boost the investors' confidence. said market operators.

The majority of stocks, however, extended their correction mode owing to the continual portfolio rebalancing of investors as a result of their dismal financial performance in consecutive quarters, the EBL Securities added.

Of the 336 issues traded, 120 declined, 44 advanced and 172 remained unchanged on the DSE trading floor.

The pharma sector dominated the turnover list, accounting for 15.7 per cent of the day's total turnover, followed by IT (14.3 per cent) and miscellaneous (10.4 per cent).

Large-cap sectors posted mixed performance. Pharmaceutical booked the highest gain of 0.33 per cent, followed by food, banking and engineering while non-bank financial institutions saw the highest loss of 0.08 per cent, followed by power and telecom.

Bangladesh Shipping Corporation became the most-traded stock with shares worth Tk 702 million changing hands, closely followed by Genex Infosys (Tk 621 million), and Shinepukur Ceramics (Tk 570 million).

The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index (CASPI) gaining 31 points to 18,571 and its Selective Categories Index (CSCX) rising 19 points to 11,133.

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