Written by The Banking Post
The Dhaka Stock Exchange snapped a two-session losing run on Wednesday, with bank stocks leading a modest rebound in the benchmark index.
The market opened higher and the DSEX stayed in positive territory for over 50 minutes before paring some gains and moving sideways. By the close, the broad index settled at 4,992 points, up 39 points or 0.78 per cent.
Banking stocks were the main drivers of the rally, drawing renewed buying interest after recent profit-taking. Investors’ participation remained concentrated in the sector, which accounted for 21 per cent of total turnover on the bourse.
Market activity improved slightly, with turnover rising 2.41 per cent from the previous session to Tk 4.65 billion. Of the issues traded, 193 advanced, 131 declined and 64 ended unchanged.
Banks also dominated the list of top index movers. BRAC Bank made the largest contribution, adding 7.1 points to the DSEX. It was followed by Square Pharmaceuticals with 3.1 points, Islami Bank Bangladesh with 2.9 points, The City Bank with 2.7 points and Pubali Bank with 2.4 points. On the downside, National Bank was the biggest drag, cutting three points from the index.
A brokerage review noted that the index returned to positive territory after two days of correction, helped by strong interest in heavyweight bank shares. Improved clarity on the political front also encouraged investor participation.
Speculative issues dominated the gainers’ list, with Zeal Bangla Sugar Mills rising 9.99 per cent, Shyampur Sugar Mills gaining 9.93 per cent and Familytex (BD) advancing 9.09 per cent.
In turnover terms, Orion Infusion led the chart with Tk 265 million worth of shares traded, followed by The City Bank with Tk 199 million and Square Pharmaceuticals with Tk 174 million.
