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DSEX, the key index of the Dhaka Stock Exchange (DSE), on Tuesday surged 118 points or 2.42 per cent breaking the four-day long bearish trend. The index saw a recovery after reaching a 47-month low, closing above 5,000 points, although turnover declined.
Meanwhile, market turnover declined by 3 per cent to Tk 346 crore as against Tk 357 crore in the previous session.
On Monday, Dhaka stocks witnessed a fall as increases in sell-pressure, with the index remaining below the 5,000-mark despite intermittent upward movement observed in early-session trading.
The blue-chip index DS30 and the Shariah-based index DSES closed at 1,858.28 and 1,113.66 points, respectively. Most of the large-cap sectors posted positive performance on the day.
17 sectors out of 19 were the gainers, and 2 sectors were on the losing side. Of the 398 scrips traded, 312 advanced, 57 declined, and 25 remained unchanged.
Brendan topped the turnover chart. MATINSPINN was the top gainer, whereas HFL was the top loser. One stock was traded at the floor price.
In the block market, shares of Tk14.7 crore were transacted, representing a turnover of 4.26 per cent. The SME index, DSMEX, decreased by 36.79 pts, and the market generated a Tk 5.1 crore turnover, a 55 per cent increase from the previous session.
According to the Royal Capital Financial Portal, SQUARPHARMA and PRIMEBANK contributed the most to the gains and losses of the DSEX index on the day, and the bullish conditions prevailed in the market from the start.
In its daily market commentary, the EBL Securities said the key index of the capital bourse paused its prolonged losing streak Tuesday as bargain hunters took positions on scrips based on the latest earnings declarations to avail short-term gains amid a regulatory effort to rebound investors’ market sentiment by forming a committee to investigate the reasons behind the recent downtrend.
Buyers grabbed the realm of market momentum from the beginning of the trading session today, which persisted throughout the session to settle the benchmark index in the positive territory, it said.
However, concerns remain regarding the sustainability of this momentum due to the lack of any strong positive catalyst to shift the investors market sentiment towards positivity.
On Sunday, the Bangladesh Securities and Exchange Commission (BSEC) formed a four-member inquiry committee to identify the reasons behind the recent market fall.
The members of the committee are Mohammad Shamsur Rahman, additional director of the BSEC; Muhammad Oarisul Hasan Rifat, deputy director of the BSEC; Mahfuzur Rahman, assistant general manager of the Dhaka Stock Exchange; and Kazi Minhaz Uddin, assistant general manager of the Central Depository of Bangladesh.
The committee will complete the inquiry and submit a report to the commission within 10 working days.
The port city bourse, Chittagong Stock Exchange (CSE), also witnessed a positive session today. The selected indices (CSCX) and All Share Price Index (CASPI) increased by 121.9 points and 196.2 points, respectively.