Dhaka stocks snap two-day losing streak on gains by market heavyweights

The Dhaka bourse closed marginally higher on Thursday, breaking the losing streak of the previous two sessions, riding on gains by some market leaders, including Square Pharmaceuticals.

The market opened the day's session on a positive note, but soon failed to sustain the momentum, with the broad index showing ups and downs until mid-session on the Dhaka Stock Exchange (DSE). Such volatility occurred as investors remained active on both sides of the trading fence.

Later, the DSE broad index DSEX experienced an upward trend that continued until the close. At the end of the session, the DSEX settled at 5,028 points, gaining 0.36 per cent or 18.34 points.

Of the 379 issues traded, 170 advanced, 136 declined and 73 remained unchanged. The DSE recorded a turnover of Tk 4.39 billion, down 17 per cent from the previous session. Of the total turnover, Tk 124 million came from transactions executed on the block board.

Beximco Pharma was the top index puller, solely adding 2.6 points to the broad index. Other major index contributors were Square Pharmaceuticals, Prime Bank, BRAC Bank and Al-Arafa Islami Bank.

The top index draggers included British American Tobacco Bangladesh Company, Taufika Foods and Lovello Ice Cream, Dhaka Bank, Eastern Bank Ltd and The City Bank.

Of the total gainers, 20 were blue-chip stocks, helping the DS30 index-comprising blue-chip stocks-close higher by 0.39 per cent or 7.60 points to finish at 1,934 points.

According to a market review by EBL Securities, the DSE reverted to its recovery momentum as investors continued rebalancing their portfolios, fuelled by renewed optimism surrounding the declaration of the upcoming national election schedule.

Rahima Food Corporation was the top gainer, rising 9.93 per cent, followed by Fortune Shoes, Ring Shine Textiles, Islamic Finance & Investment, GQ Ball Pen and Regent Textile.

Most of the day's top gainers were small-cap and junk stocks. For instance, the speculative Ring Shine Textiles incurred losses for four consecutive years up to FY24, amounting to Tk 1.53 billion in FY24 alone. Nevertheless, the company emerged as the third-highest gainer, rising 9.37 per cent on Thursday.

Another junk stock, Khan Brothers PP Woven Bag Industries, topped the turnover chart with a value of Tk 258.7 million, followed by Shahjibazar Power Company and Dominage Steel Building Systems.

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