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The Financial Express

Stocks keep gaining amid optimism

| Updated: August 06, 2020 21:13:07


Stocks keep gaining amid optimism

Stocks kept the gaining streak for the two consecutive sessions on Monday as the buoyant investors continued their appetite on large-cap issues amid optimism.

DSEX, the key index of the Dhaka Stock Exchange (DSE), went up by 16.30 points or 0.39 per cent to settle at 4,145 during the four hours trading.

Market operators said gradual reopening of the economy and the stock market regulator’s assurance not to lift floor price restriction until the market got stable, led investors to buy shares.

Gradual reopening of the economy and static daily number of Covid-19 cases led investors to strike bargains on promising issues, said a leading broker.

The securities regulator’s hard stance on ensuring mandatory 2.0 per cent shareholding by each director of listed companies had a positive impact on the stock prices, said a merchant banker.

The stock market regulator has recently asked 61 directors of 22 listed companies to ensure a minimum 2.0 per cent shares in their own companies within 45 days to continue their directorship.

The stock market regulator, in cooperation with the Bangladesh Bank, is inspiring banks to buy stocks at a lucrative price level, also encouraging investors, said a leading broker.

The central bank’s recent directive on easing foreign investment and increasing fund flow from the banking sector created a positive impact, he said.

Two other indices also ended higher. The DS30 index, comprising blue chips, rose 3.20 points to finish at 1,400 and the DSE Shariah Index advanced 1.99 points to close at 965.

Turnover, another important indicator of the market, stood at Tk 4.37 billion on the country’s prime bourse, which was 18 per cent higher than the previous day’s turnover of Tk 3.71 billion.

Most of the shares remained stuck at the trading. Of the issues traded, 160 remained unchanged while 117 issues advanced and 67 declined on the DSE floor.

A total number of 93,273 trades were executed in the day’s trading session with a trading volume of 132.61 million shares and mutual fund units.

The market-cap on the premier bourse also rose to Tk 3,220 billion on Sunday, from Tk 3,217 billion in the previous session.

Khulna Power Company topped the turnover chart with shares worth Tk 165 million changing hands, closely followed by Beximco Pharma, Square Pharma, Pioneer Insurance and BATBC.

Agrani Insurance was the day’s best performer, posting a gain of 10 per cent while Dacca Dyeing was the worst loser, losing 6.80 per cent.

The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)—gaining 46 points to close at 11,796 and the Selective Categories Index - CSCX –rising 29 points to finish at 7,152.

Of the issues traded, 74 gained, 46 declined and 102 remained unchanged on the CSE.

The port city bourse traded 2.81 million shares and mutual fund units with a turnover value of Tk 95 million.

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