Stock market remains in black

The stock market of Bangladesh remained in the black yesterday, the first trading day after Finance Minister AHM Mustafa Kamal proposed the national budget for fiscal year 2023-24 on June 1.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), added 10 points, or 0.16 per cent, to reach 6,366 points by the end of the session.

However, the DS30, which represents blue-chip stocks, decreased 0.1 per cent to 2,199 points while the DSES, an index comprised of shariah-compliant companies, increased 0.24 per cent to 1,392 points.

Although market intermediaries are expressing disappointment over the budget as there were no new measures for developing the stock market, turnover rose amid higher investor confidence.

Stocks listed with the country's premier bourse stretched their gaining streak for the second session in a row while turnover hit a seven-month high as bargain hunters put fresh bets on sector-wise issues, according to International Leasing Securities.

This is because their confidence rose after observing that the country's macroeconomic progress is being reflected in the budget, it said.

Among the top gainers, IT rose 3.4 per cent, life insurance advanced 2.6 per cent and jute increased 1.4 per cent.

Meanwhile, the travel and general insurance sectors shed 1.1 per cent and 0.9 per cent respectively.

Investors' attention was mostly centred on the life insurance (18.4 per cent), IT (12.2 per cent) and bank (9.8 per cent) sectors.

Turnover, a key indicator of the market, gained 25.7 per cent to hit Tk 1,254 crore, including Tk 196.3 crore block turnover.

Of the securities traded, 77 advanced, 100 declined and 173 did not show any price movement.

Bengal Windsor Thermoplastics made the highest gain with an increase of 9.9 per cent.

Meghna Life Insurance, Mir Akhter Hossain Ltd, Trust Islami Life Insurance and Progressive Life Insurance were among the top gainers as well.

Meghna Pet Industries was the biggest loser, shedding 10 per cent.

Meghna Condensed Milk Industries, Bangladesh Welding Electrodes, National Tea Company and Midland Bank were also on the list of significant losers.

Intraco Refueling Station was the most traded stock with issues worth Tk 59 crore transacted.

Meghna Life Insurance, Sea Pearl Beach Resort & Spa, ADN Telecom, and Rupali Life Insurance Company also saw significant turnover.

Caspi, the all-share price index of the Chittagong Stock Exchange, added 32 points, or 0.17 per cent, to close at 18,788 points.

Of the issues traded, 61 rose, 67 retreated and 92 did not see any price swing.

Turnover of the port city bourse surged 75 per cent to Tk 21.94 crore from the previous day.