Bangladesh
4 years ago

Stocks extend gaining streak amid optimism

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Stocks kept the gaining for the fifth straight sessions on Wednesday as the bargain hunters continued their appetite on selective issues amid gradual improvement of economic activities.

DSEX, the key index of the Dhaka Stock Exchange, went up by 14.66 points or 0.35 per cent to settle at 4,171 during the four hours trading.

Market analysts said gradual reopening of the economy and no major spike in daily Covid-19 infected cases led investors to take position in sector-wise stocks.

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 for buying shares, 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 also a positive impact on the stock prices, he said.

The stockbroker noted that some others were reshuffling their portfolios based on the latest quarterly earnings disclosures and to book dividend income.

The DSE Shariah Index also advanced 0.75 point to close at 964. However, the DS30 index, comprising blue chips, lost 0.79 points to finish at 1,402.

Turnover, another important indicator of the market, stood at Tk 3.99 billion on the country’s prime bourse, which was 10 per cent lower than the previous day’s turnover of Tk 4.45 billion.

Most of the shares remained stuck at the trading. Of the issues traded, 169 remained unchanged while 126 issues advanced and 58 declined on the DSE floor.

A total number of 95,161 trades were executed in the day’s trading session with a trading volume of 111.59 million shares and mutual fund units.

The market-cap on the premier bourse also rose to Tk 3,233 billion on Wednesday, from Tk 3,227 billion in the previous session.

Eastern Insurance topped the turnover chart with shares worth Tk 150 million changing hands, closely followed by Pioneer Insurance, Paramount Insurance, Beximco Pharma and Sonar Bangla Insurance.

Pioneer Insurance was the day’s best performer, posting a gain of 9.89 per cent while Sonali Paper & Board Mills was the worst loser, losing 8.12 per cent.

The Chittagong Stock Exchange also edged higher with its All Shares Price Index (CASPI)—gaining 40 points to close at 11,874 and the Selective Categories Index - CSCX –advancing 25 points to finish at 7,200.

Of the issues traded, 93 gained, 27 declined and 100 remained unchanged on the CSE.

The port city bourse traded 3.84 million shares and mutual fund units with turnover value of Tk 143 million.

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