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Stocks stay afloat as large-cap stocks keep gaining

DSEX adds 97 points in four straight sessions


| Updated: December 20, 2020 11:29:17


Stocks stay afloat as large-cap stocks keep gaining

Stocks extended the winning streak for the fourth straight session on Monday as investors put a fresh stake on stocks amid growing confidence in the market.

DSEX, the key index of the Dhaka Stock Exchange (DSE), went up by 20.59 points or 0.40 per cent to settle at 5,147. It was the highest level of DSEX since August 28, last year when it was 5,178.

Two other indices also ended higher. The DS30 index, comprising blue chips, advanced 14.45 points to finish at 1,813 and the DSE Shariah Index rose 11.88 points to close at 1,192.

The DSE market–cap also rose to Tk 4,168 billion on Monday, hitting more than 21 months high since March 19, last year when market-cap recorded Tk 4,177 billion.

Turnover, a crucial indicator of the market, however, fell slightly to Tk 9.79 billion, which was more than 2.40 per cent lower than the previous day’s turnover of Tk 10.03 billion.

Market operators said the investors’ enthusiasm sustained, as the institutional investors, including global fund managers, were putting fresh stakes on large-cap stocks amid positive expectation.

The optimistic investors continued their buying spree on sector-wise large-cap issues amid growing confidence riding on regulatory moves and gradual improvement of economic activities, said a merchant banker.

He noted that the regulator is continuing its effort to enhance the market depth through the listing of large-cap companies having good fundamentals and the news that some big companies are waiting for necessary approval for listing, also tempted the investors to stay afloat.

Regulatory moves particularly regarding bond trading, big IPO approval and disciplinary action against wrongdoers boosted investors’ confidence in the market, he added.

Price surge of Grameenphone, Marico, Beximco Pharma, Square Pharma and Islami Bank—off-set the price fall of Walton, United Power, LafargeHolcim, BATBC and Publai Bank, according to data of amarstock.com, a stock market data analyst.

Losers, however, took a modest lead over the gainers, as out of 358 issues traded, 166 ended lower, 122 higher and 70 issues remained unchanged on the DSE trading floor.

A total number of 187,418 trades were executed in the day’s trading session with a trading volume of 356.99 million shares and mutual fund units.

Beximco topped the turnover chart with 21.07 million shares worth Tk 678 million changing hands, followed by Beximco Pharma, Dominage Steel, IFIC Bank and SS Steel.

Dominage Steel Building Systems was the day’s best performer, posting a 9.89 per cent gain while Aman Feed was the worst loser, losing 10 per cent.

The Chittagong Stock Exchange (CSE) also ended higher with its All Shares Price Index (CASPI)—gaining nearly 100 points to close at 14,786 while the Selective Categories Index – CSCX advanced 60 points to close at 8,905.

Of the issues traded, 118 declined, 96 advanced and 53 remained unchanged on the CSE.

The port city bourse traded 17.78 million shares and mutual fund units with a turnover value of nearly Tk 756 million.

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