Stocks stay afloat amid optimism

Stocks kept the gaining streak for the fourth straight sessions on Tuesday as the optimistic investors continued their buying interest on selective large-cap issues amid optimism.

DSEX, the key index of the Dhaka Stock Exchange, went up by 11.16 points or 0.26 percent to settle at 4,156 during the four hours trading.

DSEX added nearly 80 points in the four consecutive sessions.

Market analysts said the gradual reopening of the economy and no major spike in daily Covid-19 infected cases led investors to take positions in sector-wise stocks.

Gradual reopening of the economy and the stock market regulator’s assurance not to lift floor price restriction until the market got stable, led investors to buy shares, said a leading broker.

The securities regulator’s hard stance on ensuring mandatory 2.0 percent shareholding by each director of listed companies had a positive impact on the stock prices, he said.

The stock market regulator has recently asked 61 directors of 22 listed companies to ensure a minimum 2.0 percent shares in their own companies within 45 days to continue their directorship.

The DS30 index, comprising blue chips, also advanced 1.66 points to finish at 1,402. However, the DSE Shariah Index fell 2.08 points to close at 963.

Turnover, another important indicator of the market, stood at Tk 4.45 billion on the country’s prime bourse, which was 1.83 percent higher than the previous day’s turnover of Tk 4.37 billion.

Most of the shares remained stuck at the trading. Of the issues traded, 178 remained unchanged while 115 issues advanced and 57 declined on the DSE floor.

A total number of 99,590 trades were executed in the day’s trading session with a trading volume of 129.40 million shares and mutual fund units.

The market-cap on the premier bourse also rose to Tk 3,227 billion on Tuesday, from Tk 3,220 billion in the previous session.

Beximco Pharma topped the turnover chart with shares worth Tk 135 million changing hands, closely followed by BATBC, Pioneer Insurance, Fine Foods, and Beximco.

Paramount Insurance was the day’s best performer, posting a gain of 9.96 percent while Dacca Dyeing was the worst loser, losing 4.87 percent.

The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)—gaining 38 points to close at 11,834 and the Selective Categories Index - CSCX –advancing 23 points to finish at 7,175.

Of the issues traded, 79 gained, 54 declined and 96 remained unchanged on the CSE.

The port city bourse traded 3.18 million shares and mutual fund units with turnover value of Tk 72 million.