The Financial Express

Stocks rebound strongly; key index hit more than 42-month high

| Updated: July 15, 2021 10:18:24

Stocks rebound strongly; key index hit more than 42-month high

Stocks rebounded strongly on Tuesday, with the key index hitting more than a 42-month high, as investors went on buying spree on major sector issues riding on the new stimulus news.

Prime Minister Sheikh Hasina on Tuesday announced five new stimulus packages of Tk 32 billion for low-income people, who have been affected by the Covid-19 lockdown restrictions.

Following the previous day’s modest correction, the market opened higher and went up steadily till the end as pre-Eid sale pressure eased to some extent amid relaxed lockdown news.

DSEX, the prime index of the DSE, rose 57.62 points or 0.92 per cent to settle at 6,266, the highest since January 7, 2018, when the DSEX was at 6,268.

The market capitalisation of the prime bourse also soared to an all-time high at Tk 5,219 billion on Tuesday, surpassing the previous day’s record high of Tk 5,177 billion.

Turnover, a crucial indicator of the market, also jumped to Tk 16.68 billion on the country’s premier bourse, in a further buck by 4.32 per cent over the previous day’s tally of Tk 15.99 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.

Two other indices also ended higher with the DS30 index, comprising blue chips, advanced 14.70 points to finish at 2,273 and the DSE Shariah Index rose 7.27 points to close at 1,354.

Gainers took a strong lead over the losers, as out of 373 issues traded, 212 ended higher, 129 lower while 32 remained unchanged on the DSE trading floor.

A total number of 299,477 trades were executed in the day’s trading session with a trading volume of 612.68 million shares and mutual fund units.

Beximco - the flagship company of Beximco Group- topped the turnover chart with shares worth Tk 1.81 billion changing hands, followed by Power Grid Company (Tk 577 million), LafargeHolcim (Tk 471 million), Southeast Bank (Tk 322 million) and LankaBangla Finance (Tk 303 million).

Fine Foods was the day’s best performer, posting a gain of 9.87 per cent while Trust Bank was the worst loser, losing 11.34 per cent following its price adjustment after the record date.

The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)—gaining 179 points to close at 18,220 while the Selective Categories Index – CSCX rising 103 points to close at 10,932.

Of the issues traded, 165 advanced, 118 declined and 27 issues remained unchanged on the CSE.

The port city bourse traded 29.30 million shares and mutual fund units with a turnover value of Tk 577 million.

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