The Financial Express

Stocks extend winning streak for second straight sessions

Insurance cos dominate top gainer, turnover charts

| Updated: November 29, 2020 16:42:10

Evaly and Fianancial Express Evaly and Fianancial Express
Stocks extend winning streak for second straight sessions

Stocks extended the winning streak for the second straight sessions on Wednesday as bargain hunters continued their buying binge on insurance sector issues.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 25.90 points or 0.53 per cent to settle at 4,861.

DSEX added more than 36 points in the past two straight sessions.

Market operators said bargain hunters were active on the sector-specific stocks, particularly on insurance companies’ issues, with increased participation from investors.

The insurance sector dominated the gainer and turnover charts as eight out of the top 10 gainers belong to the insurance sector.

Top positive index contributors of the market were Grameenphone, Brac Bank, Shahjalal Islami Bank, Green Delta Insurance and Meghna Petroleum.

The recent downward trend sent the share prices of more than 80 companies to their floor prices level which also encouraged some investors to take a fresh position on lucrative stocks, said a merchant banker.

Two other indices also edged higher. The DS30 index, comprising blue chips, gained 6.10 points to finish at 1,681 and the DSE Shariah Index advanced 4.21 points to close at 1,117.

The daily trade turnover on the DSE, however, dropped to Tk 6.02 billion, which was 10 per cent lower than the previous day’s turnover of Tk 6.71 billion.

Gainers took a modest lead over the losers as out of 342 issues traded, 141 closed higher, 109 lower and 92 issues remained unchanged on the DSE trading floor.

A total number of 140,259 trades were executed in the day’s trading session with a trading volume of 258.29 million shares and mutual fund units.

The DSE market capitalisation also rose to Tk 3904 billion on Wednesday, from Tk 3893 billion in the previous day.

The insurance sector companies continued to dominate the turnover chart Nitol Insurance topped the turn over list with 3.67 million shares worth Tk 248 million changing hands, followed by Continental Insurance, Pioneer Insurance, Northern Insurance and Asia Pacific Insurance.

Dragon Sweater was the day’s best performer, posting a gain of 10 per cent while Baraka Power was the worst loser, losing 9.33 per cent.

The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)—advancing 50 points to close at 13,921 while the Selective Categories Index – CSCX gaining 28 points to close at 8,383.

Of the issues traded, 106 advanced, 80 declined and 54 remained unchanged on the CSE.

The port city bourse traded 7.26 million shares and mutual fund units with turnover value of more than Tk 127 million.

[email protected]

Share if you like