DSE index soars past 5,300 after a month as large caps rally

The DSEX gained 60 points, reaching 5,302 points, and extended its gaining streak for the second consecutive session.

The Dhaka Stock Exchange (DSE) saw a notable uptick on Wednesday (26 June) as large-cap stocks surged, pushing the DSEX, the benchmark index, past the 5,300 mark for the first time in a month.

The DSEX gained 60 points, reaching 5,302 points, and extended its gaining streak for the second consecutive session.

The blue-chip index, DS30, also ended on positive terrain, adding 25 points to close at 1,903.

Leading the charge were the top ten large-cap stocks, including Beximco Pharma, Robi, Grameenphone, and BAT Bangladesh, which played a pivotal role in the surging index. They jointly contributed over 30 points to the DSEX on the day.

Among them, Robi witnessed a significant increase of around 10%, reaching Tk23.40 and securing the fifth position on the market capitalisation table. 

Grameenphone, which tops the market capitalisation chart, saw its shares surged by 3.28% to Tk236.20, while Beximco Pharma rose by 5.3% and BAT Bangladesh by 1.6%.

EBL Securities in its daily market commentary said the capital market extended its modest recovery mode for the second consecutive session, with the benchmark index of the capital bourse crossing the 5,300 mark after one month as bargain hunters favoured taking positions in the potentially lucrative scrips with a positive expectation of short-term gains.

The indices remained upbeat throughout the session, while the market recovery was aided by price appreciation in the majority of stocks, the daily market review read.

Moreover, investors seeking tax benefits opted to grab the opportunity of availing tax rebates from secondary market investments which also contributed to the recent increase in market participation, it added.

Daily turnover on the DSE crossed the Tk600-crore mark on Wednesday after 40 days, rising by 15% to Tk605 crore as against Tk524 crore in the previous session.

On the sectoral front, pharmaceutical issues exerted the highest turnover, contributing 25.5%, followed by the food and textile sectors. 

Unilever Consumer Care was the top traded stock of the day, with a total turnover value of Tk62 crore. However, its share price shed 0.82% to close at Tk2,880.80 as investors partially sold their holdings to book short-term profits from the previous rally.

Other top-traded stocks included Capitec Grameen Bank Growth Fund, Alif Industries, and Sea Pearl Beach Resort.

Most sectors displayed positive returns, with investors gaining 5% from telecom, 4.6% from engineering, and 3% from cement. 

Heidelberg Materials topped the gainers’ table as its share price jumped 10% to reach Tk211.20, with a total of 90,834 shares traded at Tk1.88 crore on the day. 

Robi secured the second position on the gainers’ table, followed by Karnaphuli Insurance and Runner Auto.

Linde Bangladesh was the top loser, with its share price dropping by the maximum circuit breaker limit of 3%, closing at Tk1,326. This decline followed an order from the Dhaka Chief Metropolitan Magistrate Court to bring charges against the company in a fraud case filed by one of its distributors.

Meanwhile, all share price index CASPI of the Chittagong Stock Exchange rose by 87 points to reach 14,924 and the general index CSCX gained 56 points to close at 8,985.