Dhaka stocks gained slightly on Monday following a sharp decline in the previous session, as some sector-specific buying kept the market afloat on the day amid volatility, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, advanced by 1.84 points, or 0.02 per cent, and settled at 6,282.77 points on Monday after losing 28.81 points on Sunday.
The turnover on the DSE decreased to Tk 441.27 crore on Monday compared with that of Tk 500.74 crore in the previous trading session.
Market opeators said that investors hesitated to make active moves due to uncertainty about the market’s direction, which ultimately resulted in a 26-day low in turnover.
Before Monday, the lowest turnover was recorded on Auguast 30, which amounted to Tk 413.40 crore.
EBL Securities in its daily market commentary said, ‘The benchmark index of the Dhaka bourse managed to stay afloat in green territory after observing day-long volatility, riding on the late-session share accumulation from bargain hunters following the recent corrections on the market.’
Market volatility persisted for most of Monday’s session as cautious investors continued their profit booking in the hyped-up insurance stocks, along with the other sector-specific scrips induced by the waning market momentum coupled with the prevailing macroeconomic and political concerns, it added.
Market operators said that heightened political activities ahead of the national election kept investors cautious on the trading floor.
Besides, the country’s economy has been struggling in recent months with challenges, including high inflation, dollar crisis and energy crisis, which has kept the market muted, they said.
Market operators said that the recent regulatgory moves also made invstors cautious.
The media reported that about 24 companies might be downgraded to the ‘Z’ category due to their bleak performance. Besides, the DSE has been inspecting factories of several companies to take stock of issues, including the firms’ health.
Out of the 300 issues traded on Monday, 82 advanced, 62 declined and 156 remained unchanged.
On the sectoral front, general insurance issues exerted the highest turnover, followed by food and allied and IT stocks.
The DSE Shariah index gained 0.64 points, or 0.04 per cent, to close at 1,359.32 points on Monday.
The DS30 index decreased by 1.54 points, or 0.07 per cent, to finish at 2,135.30 points on the day.
Khan Brothers PP Woven Bag Industries Limited, Ambee Pharmaceuticals PLC, Oimex Electrode Limited, Karnaphuli Insurance Company Ltd, Khulna Printing & Packaging Limited, Standard Insurance Limited, Bangladesh General Insurance Company Ltd, Continental Insurance Ltd, Daffodil Computers Ltd and Provati Insurance Company Limited were the top 10 gainers considering their closing prices on the day.
Legacy Footwear Ltd, Trust Islami Life Insurance Limited, Miracle Industries Ltd, Paramount Insurance Company Ltd, Apex Spinning & Knitting Mills Limited, Pragati Life Insurance Ltd, Pioneer Insurance Company Ltd, Intraco Refueling Station Limited, GQ Ball Pen Industries Ltd and Reliance Insurance Ltd were the top 10 losers considering their closing prices on the day.
Union Insurance Company Limited topped the turnover chart with its shares worth Tk 28.66 crore changing hands on the day.