Stocks gain for 2nd day

Staff Correspondent | Published: 23:42, Jan 20,2021


Dhaka stocks rose slightly on Wednesday, adding to the previous day’s gain as some investors went for buying shares, especially those of large capitalised companies while many others booked profits after the recent surge in share prices.

DSEX, the key index of Dhaka Stock Exchange, added 0.16 per cent, or 6.7 points, to close at 5,827.56 points on Wednesday after gaining 19.08 points in the previous session. Before the two-day gain, the DSEX lost 107 points in two sessions.

The DSEX gained around 1,000 points in the last two months thanks to an upward trend on the market.

The core index was choppy throughout Wednesday’s session and ended with a brief gain as a section of investors continued buying shares while many others moved to book profits, market operators said.

Despite a rise in share prices of most of the companies traded on Wednesday, the DSEX ended in the positive trajectory as some large capitalised companies increased on the day.

Among the prominent companies, share prices of Bangladesh Submarine Cables Company, City Bank, IDLC Finance, LankaBangla Finance and LafargeHolcim Bangladesh advanced on the day.

Average share prices of cement, non-bank financial institution and bank sectors increased by 2.58 per cent, 2.39 per cent and 0.81 per cent respectively.

General insurance, life insurance and pharmaceutical sectors declined by 2.29 per cent, 2.24 per cent and 0.32 per cent respectively as investors went for profit taking after their recent gains.

The insurance sectors shot up in the previous session as the Insurance Development and Regulatory Authority on Sunday asked listed and non-listed insurance companies to comply with rules by raising shareholdings by their sponsors to 60 per cent in their respective companies and the companies’ minimum paid-up capital to Tk 30-40 crore within one month.

EBL Securities in its daily market commentary said that bargain hunters showed a cautious approach to selective issues as trading activities on bourses remained choppy for the last couple of sessions due to profit taking tendency of some nervy investors.

However, investors’ confidence remained high and the market is expected to be agile ahead of year-end corporate declarations particularly from banks and NBFIs, it said.

Share prices of Energypac Power Generation Limited, which made its debut on Tuesday, rose by 49.86 per cent to close at Tk 69.7 a share on Wednesday.

Turnover on the DSE increased to Tk 1,416.04 crore on Wednesday compared with that of Tk 1,290.90 crore in the previous session.

Of the 360 scrips traded on the DSE on Wednesday, 121 advanced, 159 declined and 75 remained unchanged.

DS30, a composition of 30 large capitalised companies, increased by 0.18 per cent, or 4.1 points, to close at 2,207.49 points on the day.

Shariah index DSES, however, shed 0.13 per cent, or 1.78 points, to settle at 1,290.06 points.

Bangladesh Export Import Company led the turnover chart with its shares worth Tk 249.9 crore changing hands on the day.

Robi Axiata, LankaBangla Finance, Summit Power, Beximco Pharmaceuticals, City Bank, Square Pharmaceuticals, LafargeHolcim Bangladesh, IDLC Finance and IFIC Bank were the other turnover leaders on the day.

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