The Financial Express

Stocks keep gaining ahead of Eid festival

| Updated: July 15, 2021 16:28:22

Stocks keep gaining ahead of Eid festival

Stocks posted a modest gain on Wednesday, with the key index hitting more than three and a half months high, as investors were active on both sides of the trading fence ahead of Eid vacation.

Following the previous day’s sharp rise, the market opened higher and the key index soared about 30 points within the first hour of trading. But late hours selling pressure wiped out most of the early gains.

Meanwhile, only three trading days are left before the Eid holidays as Eid-Ul-Azha will be celebrated on July 21.

DSEX, the prime index of the DSE, went up by 7.31 points or 0.11 per cent to settle at 6,273, the highest since January 4, 2018, when the DSEX was at 6,302.

Turnover, a crucial indicator of the market, stood at Tk 16.49 billion on the country’s premier bourse, which was 1.14 per cent lower than the previous day’s tally of Tk 16.68 billion.

Market experts said the core index holds its firm position at above 6,200 points marks as buying support added strength to the equity indices despite worries over the virus-infused shock to the country’s economy.

The investors are hopeful about the market as the government announced five new stimulus packages of Tk 32 billion for low-income people and relaxed the ongoing lockdown ahead of Eid to facilitate business and public movement, said a merchant banker.

The DS30 index, comprising blue chips, also advanced 0.94 points to finish at 2,274. However, the DSE Shariah Index saw a fractional loss of 0.99 points to close at 1,353.

Losers took a marginal lead over the gainers, as out of 373 issues traded, 174 ended lower, 166 higher and 33 remained unchanged on the DSE trading floor.

A total number of 268,447 trades were executed in the day’s trading session with a trading volume of 615.84 million shares and mutual fund units.

Beximco - the flagship company of Beximco Group- topped the turnover chart with shares worth Tk 1.20 billion changing hands, followed by Paramount Textile (Tk 350 million), IFIC Bank (Tk 341 million), Power Grid Company (Tk 321 million) and Sonali Life Insurance (Tk 320 million).

GQ Ball Pen was the day’s best performer, posting a gain of 9.97 per cent while Tallu Spinning was the worst loser, losing 8.13 per cent.

However, the Chittagong Stock Exchange closed slightly lower with its All Shares Price Index (CASPI)—losing 18 points to close at 18,201 while the Selective Categories Index – CSCX shedding 10 points to close at 10,922.

Of the issues traded, 143 declined, 139 advanced and 33 issues remained unchanged on the CSE.

The port city bourse traded 27.31 million shares and mutual fund units with a turnover value of Tk 530 million.

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