The Financial Express

Stocks extend winning streak on buying spree

DSEX adds 288 points in 10 straight sessions

| Updated: August 06, 2020 21:13:04

Evaly and Fianancial Express Evaly and Fianancial Express
Stocks extend winning streak on buying spree

Stocks witnessed yet another buoyant session on Thursday, extending the winning streak for the 10 consecutive sessions, as optimistic investors continued their buying binge on large-cap issues amid optimism.

DSEX, the key index of the DSE, went up by 57.67 points or 1.33 per cent to settle at 4,364 during the four hours trading.

DSEX added more than 288 points in the past ten straight sessions.

Market operators said the expansionary monetary policy statement; gradual reopening of the economy coupled with no major spike in daily Covid-19 infected cases encouraged investors to take positions in sector-wise stocks.

The Bangladesh Bank recently unveiled an expansionary monetary policy for the current fiscal year lowering borrowing costs to boost up the money flow for revamping the pandemic-hit economic activities, particularly private sector credit growth and the country’s ailing capital market.

A merchant banker said thanks to the expansionary monetary policy declared by the central bank expecting that the increased money flow would help revive the economy from the Covid-19 fallout.

The securities regulator’s hard stance on ensuring mandatory 2.0 per cent shareholding by each director of listed companies had also a positive impact on the stock prices in recent times, he added.

Turnover, another important indicator of the market, crossed the 8.0-billion-mark after more than one month and stood at Tk 8.36 billion on the country’s prime bourse, which was 16 per cent higher than the previous day’s turnover of Tk 7.18 billion.

Two other indices also closed higher. The DS30 index, comprising blue chips, rose 23.46 points to finish at 1,475 and the DSE Shariah Index advanced 13.68 points to close at 1,011.

Of the issues traded, 219 advanced, 79 declined and 55 issues remained unchanged on the DSE floor.

A total number of 166,241 trades were executed in the day’s trading session with a trading volume of 315.84 million shares and mutual fund units.

The market-cap on the premier bourse also rose to Tk 3,336 billion on Thursday, from Tk 3,318 billion in the previous session.

Beximco Pharma topped the turnover chart with shares worth Tk 431 million changing hands, closely followed by Bangladesh Submarine Cable Company, Pioneer Insurance, Beximco and VFS Thread Dyeing.

Pragati Life Insurance was the day’s best performer, posting a gain of 10 per cent while Agrani Insurance was the worst loser, losing 9.32 per cent.

The Chittagong Stock Exchange also kept gaining with its All Shares Price Index (CASPI)—soaring 171 points to close at 12,401 and the Selective Categories Index - CSCX –rising 101 points to finish at 7,512.

Of the issues traded, 159 gained, 50 declined and 56 remained unchanged on the CSE.

The port city bourse traded 14.66 million shares and mutual fund units with turnover value of Tk 490 million.

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