Power stocks attracted stronger investor interest on the Dhaka Stock Exchange on Monday, even as textile shares came under selling pressure and the benchmark index extended its decline for a second consecutive session.
Trading in the fuel and power sector rose 55 per cent to Tk96.8 crore, making it the second-largest contributor to market turnover after textiles, according to Prime Bank Securities Ltd’s post-market commentary.
The shift in trading activity came as the DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 9.87 points, or 0.18 per cent, to 5,392.82. The index had lost another 10.4 points on Sunday.
The DS30 blue-chip index and the DSES Shariah index both fell 0.43 per cent. Grameenphone and BRAC Bank also lost around 0.7 per cent each, adding to the downward pressure.
The DSEX has shed 20.2 points over the past two sessions after gaining 71.4 points on Thursday. It has given up about 28 per cent of that advance but remains 51.2 points above Wednesday’s closing level.
Overall turnover, however, increased 17.2 per cent to Tk654.7 crore, suggesting that trading activity strengthened despite the market’s continued decline.
Textiles remained the largest contributor to turnover, with transactions worth Tk138.8 crore. But the sector’s share of total turnover fell to 21.2 per cent from 26.4 per cent in the previous session, as several actively traded stocks lost ground.
Among power companies, Doreen Power Generations and Systems Ltd gained 9.80 per cent on turnover of Tk19.5 crore, while Shahjibazar Power Co Ltd rose 4.47 per cent on transactions worth Tk29 crore.
Baraka Patenga Power Ltd advanced 5.67 per cent, with turnover of Tk10.1 crore. United Power Generation and Distribution Company Ltd gained 3.92 per cent, although its turnover was only Tk1 crore.
The rally was not sector-wide. Jamuna Oil Company Ltd and Power Grid Company of Bangladesh Ltd fell 5.3 per cent and 5.5 per cent, respectively.
Selling pressure was more visible among several actively traded textile companies. Envoy Textiles Ltd fell 2.96 per cent despite turnover of Tk18 crore.
Evince Textiles Ltd, Malek Spinning Mills Ltd and Paramount Textile Ltd declined 2.68 per cent, 2.11 per cent and 3.14 per cent, respectively, on transactions worth Tk17.5 crore, Tk14.9 crore and Tk10.2 crore.
The declines followed strong trading interest in textile shares in the previous session, with the latest price movements pointing to profit-taking in several of the sector’s most actively traded stocks.
Some companies bucked the broader trend. Matin Spinning Mills Ltd rose 9.92 per cent to Tk127.40 ahead of its 12 November record date. Saiham Textile Mills Ltd gained 3.29 per cent to Tk47.10, while Runner Automobiles Ltd advanced 7.87 per cent to Tk52.10. Quasem Industries Ltd rose 9.25 per cent to Tk42.50.
Market breadth improved despite the fall in the benchmark, with 135 securities advancing against 192 declining.
