Stocks gain for third day

Staff Correspondent | Published: 00:00, Apr 16,2021


Dhaka stocks advanced for the third day on Thursday as investors continued buying shares after a significant fall in share prices in recent weeks amid a fresh deterioration in the COVID-19 situation in the country.

DSEX, the key index of the Dhaka Stock Exchange, advanced by 0.98 per cent, or 51.68 points, to close at 5,310.18 points on Thursday.

The DSEX gained 145.47 points in the last three trading sessions.

Share prices of most of the companies had fallen heavily in recent weeks that provoked some investors to buy shares at lucrative prices, market operators said.

Backtracking on their earlier decisions, the Bangladesh Bank and the Bangladesh Securities and Exchange Commission on April 13 asked scheduled banks and stock exchanges to keep their operations open with shortened working hours in the April 14-21 restriction period.

Market operators said that the latest decisions eased restriction-related worries among investors.

On April 10, the government declared the eight day fresh restrictions across the country in April 14-21 to check the fresh wave of COVID-19 outbreak.

Before the three-day gain, the DSEX had lost 172.5 points in two trading days as investors were nervous about the worsening coronavirus situation in the country and the restrictions.

The country reported 4,192 fresh cases and 94 more deaths from the deadly virus on Thursday.

Death toll from the coronavirus infection has now surpassed the 10,000-mark in the country.

EBL Securities in its daily market commentary said, ‘Stocks rose as increased confidence drove the investors’ buying interest on selective issues based on low-price level of many securities. The hyped-up insurance stocks dominated the turnover board due to selling pressure and the sector observed considerable corrections.’

Among the large capitalised companies, share prices of BEXIMCO, Grameenphone, LafargeHolcim Bangladesh, Lankabangla Finance and Square Pharmaceuticals soared on the day.

Share prices of all mutual funds except Southeast Bank 1st Mutual Fund advanced on the day.

SEBL1STMF declined on Thursday as the trustee committee of the fund in a meeting held Wednesday decided either to convert the fund into an open-end fund or liquidate it, subject to consent from its unitholders.

Average share prices of almost all sectors advanced on the day.

Share prices of mutual fund, non-bank financial institution, pharmaceutical and bank sectors increased by 6.8 per cent, 3.5 per cent, 0.8 per cent and 0.5 per cent respectively.

Of the 346 scrips traded on the DSE on Thursday, 216 advanced, 90 declined and 49 remained unchanged.

The turnover on the DSE increased to Tk 556.42 crore on Thursday from Tk 511.93 crore in the previous session.

DS30, a composition of 30 large capitalised companies, also added 1.46 per cent, or 29.19 points, to close at 2,026.82 points on Thursday.

Shariah index DSES added 0.87 per cent, or 10.5 points, to settle at 1,209.07 points.

BEXIMCO led the turnover chart with its shares worth Tk 70.74 crore changing hands on the day.

BD Finance, Robi, LankaBangla Finance, Asia Pacific Insurance, LafargeHolcim Bangladesh, Beximco Pharmaceuticals, Federal Insurance Company, Continental Insurance Company and Sonar Bangla Insurance were the other turnover leaders on the day.

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