Banking stocks spark modest rebound as DSEX ends losing streak

Banking sector stocks helped the benchmark
index stage a modest recovery today (6 April), as the Dhaka Stock Exchange
(DSE) returned to positive territory after two consecutive sessions of losses,
despite lingering investor caution.
The DSEX, the
prime index of the bourse, rose by 10 points or 0.2% to close at 5,122,
snapping its recent downturn, while the blue-chip DS30 index gained 9 points to
settle at 1,954. Market activity, however, remained subdued as turnover
declined by 8% to Tk470 crore, reflecting continued uncertainty among
investors.
Key banking
stocks, including BRAC Bank, Prime Bank, National Bank and City Bank played a
pivotal role in lifting the index, offsetting broader market weakness where
declining issues outnumbered gainers. A total of 149 stocks advanced, while 172
declined and 68 remained unchanged.
According to EBL Securities, the market
edged back into positive territory as opportunistic investors engaged in
bargain hunting following recent sharp corrections. However, sentiment remained
fragile as participants closely monitored geopolitical tensions in the Middle
East alongside unresolved domestic concerns, including the ongoing fuel crisis
and uncertainty surrounding government austerity measures.
The session began
on a strong note, with the index gaining nearly 75 points within the first half
hour of trading, driven by early buying interest. However, the initial optimism
faded as selling pressure emerged later in the day, eroding much of the gains
and pulling the market closer to flat territory before a slight recovery at the
close.
Sector-wise,
pharmaceuticals dominated turnover, accounting for 15.1% of total transactions,
followed by engineering at 13.8% and general insurance at 10.4%. The overall
market displayed mixed performance, with cement, mutual funds and banking
sectors posting modest gains, while IT, jute and telecom sectors faced
declines.
Among the most
traded stocks were Dominage Steel, Acme Pesticides, Summit Alliance Port, Khan
Brothers PP Woven Bag and Techno Drugs, indicating continued interest in
selective scrips.
On the gainers' side, Bangladesh Autocars, Dominage Steel and Familytex posted
notable advances, while Trust Bank First Mutual Fund and Tung Hai Knitting also
saw strong price appreciation.
Conversely,
financial sector stocks remained under pressure, with Prime Finance, Pioneer
Insurance, Fareast Finance, Peoples Leasing and FAS Finance emerging as the top
losers.
Meanwhile, the
Chittagong Stock Exchange also ended the day in positive territory, although
its key indices showed marginal movements, reflecting a similarly cautious
sentiment among investors in the port city bourse.
















