Dhaka stocks advance for third day

Staff Correspondent | Published: 22:12, Jan 21,2021


Dhaka stocks rose slightly in cautious trading for the third day on Thursday as some investors went for buying shares, especially those of large capitalised firms, including banks and pharmaceutical companies.

DSEX, the key index of Dhaka Stock Exchange, added 0.14 per cent, or 8.61 points, to close at 5,836.18 points on Thursday.

The DSEX gained 35 points in the last three 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 the session and managed to end the session in the positive trajectory as a section of investors kept buying shares, market operators said.

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

Among the large capitalised companies, share prices of BEXIMCO, Beximco Pharmaceuticals, City Bank, BRAC Bank and Square Pharmaceuticals advanced on the day.

Share prices of bank, pharmaceutical and non-bank financial institution sectors also soared by 0.8 per cent, 0.5 per cent and 0.2 per cent respectively on the day that saved the market from a fall.

EBL Securities in its daily market commentary said, ‘Investors have continued to maintain their cautious stance today (Thursday) as the market is appearing to cool down from the heightened enthusiasm that was witnessed over the last one and a half months.’

Upcoming earnings declarations are another reason, which has pushed investors to take a wait-and-see approach, it said.

The insurance sector slumped for the second day after a huge gain on Tuesday.

The insurance sectors shot up on Tuesday 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.

Share prices of Zaheen Spinning slumped by 3 per cent after the company informed the DSE that a massive fire broke out at Zaheen Spinning Limited located at Araihazar in Narayanganj early Thursday.

Share prices of Energypac Power Generation Limited, which made its debut on Tuesday, rose by 9.9 per cent, maximum limit allowed, to close at Tk 76.6 a share on Thursday.

Average share prices of cement, telecommunication, energy and textiles dropped on Thursday.

Turnover on the DSE dropped to Tk 1,213.45 crore on Thursday compared with that of Tk 1,416.04 crore in the previous session.

Of the 360 scrips traded on the DSE on Thursday, 132 advanced, 143 declined and 85 remained unchanged.

DS30, a composition of 30 large capitalised companies, added 0.04 per cent, or 0.94 points, to close at 2,208.44 points on the day.

Shariah index DSES also increased by 0.35 per cent, or 0.35 points, to settle at 1,294.64 points.

Robi Axiata led the turnover chart with its shares worth Tk 154.41 crore changing hands on the day.

Bangladesh Export Import Company, Beximco Pharmaceuticals, Summit Power, GBB Power, BD Finance, City Bank, Baraka Power, LafargeHolcim Bangladesh and Square Pharmaceuticals were the other turnover leaders on the day.

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