The Financial Express

Stocks keep gaining amid rising turnover

| Updated: December 20, 2020 11:29:18

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Stocks keep gaining amid rising turnover

Stocks extended the gaining streak for the second straight session on Thursday as bargain hunters continued their buying spree on sector-wise issues amid optimism.

DSEX, the key index of the Dhaka Stock Exchange (DSE), went up by 24.77 points or 0.48 per cent to settle at 5,094.

Two other indices also ended higher. The DS30 index, comprising blue chips, advanced 8.05 points to finish at 1,775 and the DSE Shariah Index gained 5.92 points to close at 1,169.

Market operators said bargain hunters continued their buying appetite on sector specific issues amid growing confidence riding on regulatory moves and gradual improvement of economic activities.

The investors showed buying appetite riding on some of the positive macro-economic indicators despite Covid-19 pandemic, said a merchant banker.

He noted that the stock market regulator’s moves to restructure the boards of the listed companies which sponsor-directors fail to hold minimum 30 per cent shares jointly also attracted the investors.

Expected arrival of an effective vaccine and sign of returning to normalcy by early next year, investors believe the stock market is likely to retain strength with economic recovery, he added.

Top positive index contributors of the market were Walton, Grameenphone, BATBC, Berger Paints and Beximco Pharma —jointly accounted for nearly 18 points rise of DSEX, according to data of amarstock.com, a stock market data analyst.

Turnover, a crucial indicator of the market, also hit nearly one month high to Tk 9.36 billion, which was nearly 13 per cent higher than the previous day’s turnover of Tk 8.25 billion.

Gainers took a modest lead over the losers as out of 357 issues traded, 154 ended higher, 113 lower and 90 issues remained unchanged on the DSE trading floor.

A total number of 177,856 trades were executed in the day’s trading session with a trading volume of 358.86 million shares and mutual fund units.

The market capitalisation of DSE rose to Tk 4,106 billion on Thursday, from Tk 4062 billion in the previous day.

Beximco Pharma continued to dominate the turnover chart with 3.53 million shares worth Tk 516 million changing hands, followed by Beximco, Rupali Insurance, IFIC Bank and Fortune Shoes.

The newly listed Dominage Steel Building Systems was the day’s best performer, posting a gain of 9.78 per cent to close at Tk 35.90 each on Thursday. Its share price soared 259 per cent or Tk 25.90 each within a week after debut from its issue price of Tk 10 each.

Al-Haj Textile was the worst loser, losing 7.65 per cent following its ‘no’ dividend declaration news.

The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)—gaining more than 71 points to close at 14,627 while the Selective Categories Index – CSCX advancing 43 points to close at 8,789.

Of the issues traded, 123 advanced, 88 declined and 64 remained unchanged on the CSE.

The port city bourse traded 17.12 million shares and mutual fund units with turnover value of nearly Tk 350 million.

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