Stocks extend rally amid optimism

| Updated: December 05, 2021 11:15:37

Stocks extend rally amid optimism

Stocks extended the rally for the second straight session Thursday following the news that the Ministry of Finance (MoF) has called a meeting with the central bank and the securities regulator to resolve the ongoing issue of the capital market.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 89.19 points or 1.30 per cent to settle at 6,936. DSEX recovered over 232 points in the past two straight sessions from the recent fall.

The Ministry of Finance has called a meeting on Tuesday (December 7) following the ongoing spat between the two regulators –Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC), officials said.

The market plunged at the opening on Thursday with the key index dropping about 90 points within five minutes following the Bangladesh Bank’s statement.

But, hope for a positive outcome from the Finance Ministry’s meeting prompted investors to put fresh bets on major sector stocks, taking the market index and turnover higher.

Two other indices also ended sharply higher. The DSE 30 Index, comprising blue chips, rose 46.08 points to finish at 2,635 and the DSE Shariah Index (DSES) soared 21.14 points to close at 1,458.

Turnover, a crucial indicator of the market, stood at Tk 12.45 billion, which was 13 per cent higher than the previous day’s tally of Tk 11.02 billion.

Gainers took a strong lead over the losers, as out of 374 issues traded, 208 advanced, 118 declined and 48 issues remained unchanged on the DSE trading floor.

Beximco was the most traded stock with shares worth Tk 1.56 billion changing hands, followed by ONE Bank (Tk 680 million), First Security Islami Bank (Tk 548 million), Power Grid Company (Tk 501 million) and Delta Life Insurance (Tk 326 million).

Sena Kalyan Insurance was the day's highest gainer, gaining 9.89 per cent while Vanguard AML BD Finance Mutual Fund One was the day’s worst loser, losing 9.18 per cent.

The Chittagong Stock Exchange (CSE) also ended sharply higher with the CSE All Share Price Index – CASPI –rising 256 points to settle at 20,254 and the Selective Categories Index – CSCX, soaring 156 points to close at 12,180.

Of the issues traded, 152 advanced, 87 declined and 26 remained unchanged on the CSE.

The port city’s bourse traded 24.60 million shares and mutual fund units with a turnover value of Tk 622 million.

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