The Financial Express

Stocks stay afloat to hit new highs

| Updated: September 14, 2021 09:17:53

Stocks stay afloat to hit new highs

Stocks continued to break their previous records, as all three indices and market-cap of the Dhaka Stock Exchange (DSE) set at new highs on Wednesday.

DSEX, the benchmark index of the DSE, went up by 55.45 points or 0.77 per cent to settle at more than 7,196–the highest since its inception nearly nine years back on January 27, 2013.

DSEX added more than 373 points in the past seven consecutive sessions as buoyant investors continued to put fresh bets on major sector stocks amid high hopes.

Two other indices--the DSE 30 Index and the DSE Shariah Index (DSES) -- followed the suit to close at their historical highs of 2,613 and 1,571, after surging 29.60 points and 20.09 points respectively.

Turnover, another important indicator of the market, amounted to Tk 25.55 billion on the country’s premier bourse, which was 10.85 per cent lower than the previous day’s tally of Tk 28.66 billion.

Analysts say the high confidence of investors coupled with a lower interest rate in the banking sector continued to encourage them to perk up their funds on stocks.

Investors prefer to put their funds in stocks instead of banks as banks are offering deposit rates ranging from 3.0 per cent to 5.0 per cent, which does not even cover the country’s inflation rate, said a merchant banker.

Losers, however, took a modest lead over the gainers, as out of 374 issues traded, 186 declined, 152 advanced and 36 remained unchanged on the DSE trading floor.

Square Pharmaceuticals topped the turnover list after a long time with shares worth Tk 989 million changing hands, closely followed by BATBC, Khulna Power, Beximco and Beximco Pharma.

The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index – CASPI –rising 181 points to settle at a historical high at 20,979 and the Selective Categories Index – CSCX soaring 110 points to close at a record high at 12,579.

Of the issues traded, 159 declined, 135 advanced and 35 remained unchanged on the CSE trading floor.

The port city’s bourse traded 26.84 million shares and mutual fund units with a turnover value of Tk 844 million.

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