Stocks stay upbeat amid virus worries

FE ONLINE REPORT | Wednesday, 19 January 2022

Stocks witnessed a moderate rise on Wednesday as the optimistic investors continued to put fresh bets on sector-specific issues, beating Omicron worries.

Following the previous day’s flat ending, the market opened on a positive note and the upward trend sustained until the end of the session amid modest volatility.

Finally, DSEX, the prime index of Dhaka Stock Exchange (DSE), went up by 33.72 points or 0.48 per cent to settle at 7,089. DSEX added about 93 points in the past five trading days.

Two other indices also ended higher with the DSE 30 Index, comprising blue chips, rising 18.35 points to finish at 2,617 and the Shariah Index (DSES) gained 2.58 points to close at 1,509.

Turnover, a crucial indicator of the market, stood at Tk 17.35 billion, which was 1.34 per cent higher than the previous day’s tally of Tk 17.12 billion.

Market analysts said stocks extended their rally as some investors continued to bet in sector-wise large-cap stocks despite rising coronavirus cases and death in the country.

Losers and gainers remained almost the same, as out of 379 issues traded, 170 declined, 169 advanced and 40 issues remained unchanged on the DSE floor.

Beximco was the most traded stock with shares worth Tk 1.77 billion changing hands, closely followed by Fortune Shoes (Tk 1.72 billion), Bangladesh Shipping Corporation (Tk 858 million), Saif Powertec (Tk 646 million) and ACI (Tk 414 million).

Global Heavy Chemicals was the day’s top gainer, posting a 9.88 per cent rise while Eastern Lubricants was the day’s worst loser, losing 12.50 per cent following its price adjustment after the record date.

The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index – CASPI –gaining 92 points to settle at 20,751 and the Selective Categories Index – CSCX—advancing 55 points to close at 12,465.

Of the issues traded, 133 advanced, 131 declined and 42 remained unchanged on the CSE.

The port-city bourse traded 12.86 million shares and mutual fund units with a turnover value of Tk 395 million.

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