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Stocks gain as large cap cos draw fresh funds

Staff Correspondent | Published: 22:22, Mar 04,2021

 
 

Dhaka stocks gained on Thursday after a fall in the previous session as a section of investors went for buying shares while many others continued cautious trading.

DSEX, the key index of the Dhaka Stock Exchange, added 0.5 per cent, or 27.2 points, to close at 5,515.78 points on Thursday after losing 20.19 points in the previous session.

The core index started the day on a positive note that continued till the end of the session as some investors went for buying shares, market operators said.

Despite a fall in share prices of most of the companies, the market notched moderate gains on the day due to a surge in the share prices of a number of large capitalised companies, including British American Tobacco Company, Beximco Pharmaceuticals, LafargeHolcim Bangladesh and Square Pharmaceuticals.

Of the 359 scrips traded on the DSE on Thursday, 100 advanced, 150 declined and 107 remained unchanged.

The market was moving upwards after hitting 5,317.71 points on February 23 as some institutional investors came forward to inject funds and revive investors’ confidence.

However, many investors remained cautious on the trading floor amid the recent sluggishness seen on the market.

Turnover on the DSE dropped to Tk 707.54 crore on Thursday compared with that of Tk 775.84 crore in the previous session.

Share prices of BATBC opened at Tk 518 a share on Thursday from Tk 1,554 a share on the previous trading day due to a price adjustment for 200 per cent stock dividend. Share prices of the company soared to close at Tk 556.8 on Thursday.

The investors have been grappling with various issues, including the setting of a ceiling on the margin loan rate, approval of initial public offerings of a number of companies within a short period of time and repeated changes made in policies by the Bangladesh Securities and Exchange Commission, the market operators said.

Share prices of non-bank financial institutions continued to fall as the Bangladesh Bank on February 24 issued a circular saying that the NBFIs which have classified a loan ratio of more than 10 per cent and capital adequacy ratio of below 10 per cent will not be allowed to declare any dividends.

DS30, a composition of 30 large capitalised companies, also increased by 0.97 per cent, or 20.37 points, to close at 2,112.68 points on the day.

Shariah index DSES also added 0.47 per cent, or 5.95 points, to settle at 1,248.6 points.

BEXIMCO led the turnover chart with shares worth Tk 88.75 crore changing hands on Thursday.

Robi, Beximco Pharmaceuticals, GBB Power, British American Tobacco Company, Orion Pharmaceuticals, LankaBangla Finance, Summit Power, Beacon Pharmaceuticals and LafargeHolcim Bangladesh were the other turnover leaders on the day.

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