Banks lift Dhaka bourse out of losing run

The Dhaka bourse closed Wednesday's session with a moderate gain in the broad index, driven by appreciation in blue-chip stocks, breaking the losing streak of the previous two sessions.

Bank stocks were the primary contributors to the day's positive momentum.

The market opened on a positive note, with the DSE broad index, DSEX, maintaining an upward trend for more than 50 minutes. Later, the index shed some gains and moved sideways until the close.

At the end of the session, the DSEX settled at 4,992 points, gaining 39 points or 0.78 per cent.

Of the total issues traded, 193 advanced, 131 declined and 64 remained unchanged. The DSE recorded a turnover of Tk 4.65 billion, up 2.41 per cent from the previous session.

According to a market review by EBL Securities, the broad index reverted to a positive trajectory after two sessions of profit-taking, supported by renewed buying interest in heavyweight bank stocks.

The brokerage house noted that perceived clarity on the political front also encouraged investor participation on the trading floor.

Investors' participation was mainly concentrated in bank stocks, which accounted for 21 per cent of the total market turnover on the Dhaka bourse.

Banks also dominated the list of the top 10 index pullers. BRAC Bank was the top index contributor, adding 7.1 points to the broad index, 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 top index dragger, shaving three points off the benchmark index.

Speculative stocks topped the gainers' list. Zeal Bangla Sugar Mills rose by 9.99 per cent, followed by Shyampur Sugar Mills with 9.93 per cent and Familytex (BD) with 9.09 per cent.

Orion Infusion led the turnover chart with shares worth Tk 265 million traded, followed by The City Bank with Tk 199 million and Square Pharmaceuticals with Tk 174 million.

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