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The Financial Express

Stocks keep gaining, low-cap issues dominate gainers' list

| Updated: January 24, 2022 09:19:27


Stocks keep gaining, low-cap issues dominate gainers' list

Stocks extended the rally for the fifth consecutive session on Wednesday as the buoyant investors continued to put bets on sector-specific issues.

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.

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. The core index 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 coronavirous cases and death in the country.

Price surge of selective large-cap stocks such as Beximco, ACI, Beximco Pharma, Titas Gas and BRAC Bank helped the market to close higher, according to a merchant banker.

Beximco, one of the large-cap stocks, added strength to the market momentum as the issue added 19 points to the DSEX alone, he said.

Beximco, ACI, Beximco Pharma, Titas Gas and BRAC Bank jointly accounted for 36 points rise of DSEX, according to amarstock.com, a market data analyst.

The investors are optimistic about the economy although the pandemic is getting worse with the rising cases of infections, according to a stockbroker.

He noted that the investors continued to bet on the impact of Omicron anticipating the economy would not get affected this time the way it was hit earlier.

The buoyant investors showed their buying appetite in a few sector-specific issues ahead of the forthcoming earning declarations, commented EBL Securities.

Major sector witnessed mixed performances. Miscellaneous sector posted the highest gain of 2.80 per cent riding on sector heavyweight Beximco, followed by pharma (0.70 per cent), power (0.20 per cent), and food (0.10 per cent).

On the other hand, general insurance, cement, telecom, engineering, and financial institutions lost 0.90 per cent, 0.80 per cent, 0.30 per cent, 0.10 per cent and 0.10 per cent respectively.

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, which gained 5.27 per cent, 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).

Low-cap companies dominated the day's gainers' list with Global Heavy Chemicals was the day's top gainer, posting a 9.88 per cent rise, followed by newly listed Union Insurance (9.77 per cent), Central Pharma (9.35 per cent), Desh Garment (8.71 per cent) and Shepherd Industries (7.79 per cent).

Eastern Lubricants was the day's worst loser, losing 12.50 per cent following its price adjustment after 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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