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DSEX touches 6,600 mark after four months

Turnover soars 10 per cent

FE REPORT | September 20, 2022 00:00:00

The benchmark equity index surpassed the 6600 mark on Monday, hitting a more than four-month high, as investors continued to inject fresh funds on selective large-cap stocks.

The market opened on a flying note which sustained until the end of the session, but most of the shares saw their prices fall.

DSEX, the key index of the Dhaka Stock Exchange (DSE), settled the day 65.74 points or 1.0 per cent higher at 6,600.88, the highest level in more than four months since May 10 this year.

The DSEX added about 114 points in the past three trading days.

Turnover, a crucial indicator of the market, jumped to Tk 19.90 billion on the premier bourse, 10 per cent up from the previous day's tally of Tk 18.14 billion.

Market insiders said the market remained bullish amidst enthusiastic participation, with the investors anticipating positive momentum in coming days.

The investors persisted in their buying spree on sector-wise big-cap stocks ahead of the dividend season as they expect strong earnings for the companies whose financial year ended in June, said a merchant banker.

Stocks in the large-cap sectors, such as pharmaceuticals, power and telecommunications, steered in the positive direction, pushing the benchmark index to cross 6,600 mark, he said.

Stability in the foreign exchange rates, rising export, increasing remittance inflow as well as declining imports encouraged the investors to remain in the trading floor, he added.

The day's positive index movers were Beacon Pharma, Beximco, Orion Pharma, Bangladesh Shipping Corporation and Beximco Pharma jointly added 47 points to the DSEX, according to amarstock.com, a market data analyst.

Two other DSE indices also ended higher. The DS30 Index, comprising blue-chip companies, rose 42.59 points to close at 2,406 and the DSES Index advanced 15.72 points to finish at 1,451.

The miscellaneous sector topped the turnover chart, grabbing 25 per cent of the day's total turnover, followed by pharmaceuticals (21 per cent) and engineering (9.40 per cent).

Large-cap sectors posted mixed performance. Pharmaceutical booked the highest gain of 1.92 per cent, followed by power with 0.77 per cent, telecom 0.33 per cent and engineering 0.24 per cent.

On the other hand, the non-bank financial institutions saw the highest loss of 0.62 per cent, followed by banking 0.13 per cent and food 0.08 per cent.

Most of the shares saw price corrections, as of the 371 issues traded, 155 declined, 88 advanced and 128 others remained unchanged on the DSE trading floor.

Beximco became the most-traded stock with shares worth Tk 2.79 billion changing hands, followed by Orion Pharma (Tk 2.40 billion), Bangladesh Shipping Corporation (Tk 909 million), JMI Hospital Requisite Manufacturing (Tk 824 million) and Shinepukur Ceramics (Tk 530 million.

Miracle Industries was the day's top gainer, rising 10 per cent while Sonargaon Textiles was the worst loser, losing 9.13 per cent.

The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index (CASPI) rising 193 points to settle at 19,394 and its Selective Categories Index (CSCX) gaining 116 points to close at 11,625.

Of the issues traded, 94 declined, 72 advanced and 103 issues remained unchanged.

The port-city bourse traded 17.17 million shares and mutual fund units with a turnover value of Tk 934 million.

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