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The Financial Express
Swasti Lankabangla Swasti Lankabangla

Bourses keep gaining on buying spree

| Updated: August 06, 2020 21:13:05


Bourses keep gaining on buying spree

Stocks kept the winning streak for eighth straight sessions Tuesday as investors continued their buying binge on selective large-cap issues after unveiling an expansionary monetary policy.

DSEX, the key index of the Dhaka Stock Exchange, went up by 27.29 points or 0.63 per cent to settle at 4,299 during the four hours trading.

DSEX added more than 223 points in the past eight consecutive sessions, hitting five months high since March 5, although the market was closed two months due to pandemic.

Market operators said the expansionary monetary policy statement; gradual reopening of the economy coupled with no major spike in daily Covid-19 infected cases encouraged investors to take position in sector-wise stocks.

The Bangladesh Bank recently unveiled an expansionary monetary policy for the current fiscal year lowering borrowing costs to boost up the money flow for revamping the pandemic-hit economic activities, particularly private sector credit growth and the country’s ailing capital market.

The investors hoped that the announced monetary policy statement would rejuvenate the battered economy and persuade institutional investors to pour money into the capital market, said a merchant banker.

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 in recent times, he said.

Turnover, another important indicator of the market, stood at Tk 6.76 billion on the country’s prime bourse, which was Tk 6.72 billion in the previous day.

Two other indices also ended higher. The DS30 index, comprising blue chips, soared 12.10 points to finish at 1,454 and the DSE Shariah Index advanced 6.57 points to close at 999.

Of the issues traded, 147 advanced, 116 declined and 91 issues remained unchanged on the DSE floor.

A total number of 151,867 trades were executed in the day’s trading session with a trading volume of 250.86 million shares and mutual fund units.

The market-cap on the premier bourse also rose to Tk 3,312 billion on Tuesday, from Tk 3,287 billion in the previous session.

Pioneer Insurance topped the turnover chart with shares worth Tk 240 million changing hands, closely followed by Beximco Pharma, Square Pharma, LafargeHolcim, and Grameenphone.

FAS Finance was the day’s best performer, posting a gain of 10 per cent while Simtex Industries was the worst loser, losing 5.0 per cent.

The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)—gaining 64 points to close at 12,186 and the Selective Categories Index - CSCX –advancing 37 points to finish at 7,385.

Of the issues traded, 98 gained, 86 declined and 70 remained unchanged on the CSE.

The port city bourse traded 8.78 million shares and mutual fund units with a turnover value of Tk 170 million.

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