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Dhaka stocks are slightly rising in spite of selling pressure

Due to selling pressure, the prices of most equities listed on the Dhaka stock exchange fell Wednesday, February 4. The Dhaka Stock Exchange’s (DSE) benchmark index, the DSEX, rose 1.49 points to close at 5,147 despite the sell-off, and turnover went up 3.3% to Tk444.41 crore. 185 of the traded equities saw price declines, 140 scrips saw price increases, and 74 saw no change. As investors concentrated on purchasing, stocks began the day on a high note. But the market went into a selling frenzy forty-five minutes into trading, which lasted until 11:31 a.m. Following that, the market recovered, and equities were able to settle higher at the end of the trading session.

According to EBL Securities’ daily market commentary, investors took advantage of sector-specific opportunities based on recent corporate announcements, which allowed the benchmark index of the Dhaka bourse to close in green territory even though most scrips saw corrections after a brief period of optimism.
Both sides of the trade fence actively participated in the market, and cautious investors booked profits in the face of erratic momentum. Furthermore, it notes that investors are becoming even more cautious due to the market’s weakening trend and the ongoing regulatory reclassification of specific stocks into the Z category. The banking industry had the largest sectoral share of total turnover (20.4%), followed by the pharmaceutical industry (12.8%) and the textile industry (10.5%).

With its share price hitting the highest circuit and climbing 9.69% to Tk18.1 each, Energypac Power Generation led the gainers’ chart. GPH Ispat followed with a 5.79% increase to Tk21.9 each, and Kohinoor Chemicals Company (Bangladesh) saw a 5.67% increase. The companies that saw the worst losses were Anlimayarn Dyeing, whose share price fell 5.85% to Tk24.1 each, Usmania Glass, which fell 5.49% to Tk34.4 each, and Zaheen Spinning Mills, which fell 5.19% to Tk7.3 each. Additionally closing in the green was the Port City Bourse, or CSE. The All Share Price Index (CASPI) increased by 30.1 points, while the Selective Categories’ Index (CSCX) increased by 14.6 points.

Source: The Business Standard

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