Stocks start New Year with sharp rise

FE ONLINE REPORT | Sunday, 2 January 2022

Stocks started the New Year 2022 with a steep rise on Sunday as investors showed their buying interest on sector-wise large-cap issues riding on the high hope.

After passing a good year in 2021, the market opened on a high note and the upward trend sustained until the end of the session with no sign of reversal.

Finally, DSEX, the prime index of Dhaka Stock Exchange (DSE), went up by 96.48 points or 1.42 per cent to settle at 6,853, which is a two-week high.

The country’s capital market had a good year as the core index of the DSE posted an impressive 1,354 points or 25 per cent growth in 2021, although stocks of many low-performing companies saw unusual price hikes during the year.

Two other indices also ended higher. The DS30 index, comprising blue chips, jumped 28.05 points to finish at 2,560 and the DSE Shariah Index rose 14.25 points to close at 1,445.

Turnover, a crucial indicator of the market, stood at Tk 8.94 billion on the country’s premier bourse, falling slightly by 2.93 per cent over the previous day’s tally of Tk 9.21 billion.

Market analysts said the bargain hunters opted for taking positions on lucrative large-cap stocks riding on the new hope in the New Year.

Gainers took a modest lead over the losers as out of 378 issues traded, 294 advanced, 64 declined and 20 remained unchanged on the DSE trading floor.

A total number of 152,368 trades were executed in the day’s trading session with a trading volume of 194.36 million shares and mutual fund units.

Beximco topped the turnover list with shares worth Tk 993 million changing hands, followed by Bangladesh Shipping Corporation (Tk 517 million), Fortune Shoes (Tk 478 million), IFIC Bank (Tk 301 million) and GSP Finance (Tk 282 million).

Fortune Shoes was the day’s best performer, posting a gain of 9.98 per cent, while Sonali Paper & Board Mills was the worst loser, losing 6.25 per cent.

The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)—soaring 388 points to close at 20,054 while the Selective Categories Index – CSCX rose 233 points to close at 12,046.

Of the issues traded, 207 advanced, 41 declined and 14 remained unchanged on the CSE.

The port city bourse traded 9.56 million shares and mutual fund units with a turnover value of more than Tk 271 million.

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