Dhaka stocks gain for 4th day

Staff Correspondent | Published: 23:04, Apr 18,2021

 
 

Dhaka stocks advanced for the fourth day on Sunday as investors continued buying shares at lower prices after the recent plunge in share prices.

Market operators said the easing of Covid restrictions-related worries among investors contributed to the rally.

DSEX, the key index of the Dhaka Stock Exchange, increased by 0.39 per cent, or 21.23 points, to close at 5,331.42 points on Sunday.

The DSEX gained 166 points in the last four trading sessions.

After a downward trend at the beginning of Sunday’s session, the key index began to rise to end the session with a moderate gain as investors kept buying shares, market operators said.

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

However, banks and stock exchanges remain open with shortened working hours in the restriction period.

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

Bangladesh reported an additional 3,698 infections and 102 deaths from Covid-19 on Sunday, the highest number of deaths till date.

DSE shareholding director Shakil Rizvi told New Age that the market had fallen heavily as investors had feared that the market would remain shut for prolonged period again for the Covid restrictions.

The worries now have eased as the market has kept open in the Covid restriction period, he said.

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

EBL Securities in its daily market commentary said, ‘The equity indices of the Dhaka Stock Exchange logged partial recovery, beating worries of increasing Covid cases in the country.’

‘Regulators’ efforts to keep the market open amid the lockdown have largely contributed to clutching panic-driven selloff while many investors are taking positions on prospective sectoral stocks.’

Market operators said that many investors found the stock market as a better option for earning money during the period when almost all the other businesses remain shut.

Despite a fall in share prices of most of the companies, the market finished in the positive trajectory as a number of large capitalised companies, including LankaBangla Finance, BEXIMCO, Grameenphone, and LafargeHolcim Bangladesh advanced.

Share prices of Singer Bangladesh advanced by 1.71 per cent as the earnings per share of the company advanced to Tk 1.81 in January-March, 2021 from Tk 1.19 in the same period in the previous year.

Average share prices of non-bank financial institution, cement, and pharmaceutical sectors advanced by 2.9 per cent, 2.1 per cent, 0.3 per cent and 0.1 per cent respectively.

Of the 346 scrips traded on the DSE on Sunday, 103 advanced, 165 declined and 80 remained unchanged.

The turnover on the DSE advanced to Tk 602.76 crore on Sunday from Tk 556.42 crore in the previous session.

DS30, a composition of 30 large capitalised companies, also added 0.66 per cent, or 13.43 points, to close at 2,040.23 points on Sunday.

Shariah index DSES added 0.2 per cent, or 2.46 points, to settle at 1,211.54 points.

BEXIMCO led the turnover chart with its shares worth Tk 110.84 crore changing hands on the day.

BD Finance, British American Tobacco Company, LankaBangla Finance, Robi, LafargeHolcim Bangladesh, Beximco Pharmaceuticals, Crystal Insurance, RD Food and Asia Pacific Insurance were the other turnover leaders on the day.

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