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August 26, 2020

Stocks gain riding on large caps

Dhaka stocks gained on Tuesday after a fall in the previous session as investors went for buying shares, especially those of large capitalised companies.

DSEX, the key index of the Dhaka Stock Exchange, added 0.4 per cent, or 19.13 points, to close at 4,781.57 points on the day after losing 32.48 points in the previous session.

After a slight fall at the beginning on Tuesday, the key index bounced back and finished the session in the positive territory as a section of investors went for buying shares amid optimism, market operators said.

They said that investors’ attention was mostly to large capitalised companies that saved the market from a fall as share prices of most of the companies declined on the day.

Of the 354 scrips traded on the DSE on Tuesday, 137 advanced, 172 declined, and 48 remained unchanged.

Share prices of Beximco, Grameenphone, Bangladesh Submarine Cables Company, Singer Bangladesh and Square Pharmaceuticals soared on the day that kept the market afloat.

A gradual economic recovery amid the coronavirus outbreak in the country, an expansionary monetary policy announced by the Bangladesh Bank and a

Bangladesh Securities and Exchange Commission’s drive against wrongdoings on the market have lifted the investors’ confidence in recent weeks.

The market has recovered around 700 points in just one month.

However, some investors continued profit taking share sales that dipped share prices of most of the companies on Tuesday.

EBL Securities in its daily market commentary said, ‘Higher remittance earnings and foreign currency reserves kept investors optimistic on the market as the country’s economy has showed signs of recovery particularly in global trade activities in July 2020.’

The average share prices of telecommunication, pharmaceutical and bank sectors advanced by 4.1 per cent, 0.4 per cent and 0.1 per cent respectively.

Share prices of Express Insurance Limited shot up by 50 per cent for the second trading day to close at Tk 22.5 per share on Tuesday, the maximum allowable ceiling for a debutant company.

Share prices of some of the junk companies kept soaring without any price sensitive information.

Of the top 10 gainer on the day, six are from the ‘Z’ category.

Share prices of Jute Spinners, Dulamia Cotton and Meghna Condensed Milk surged by the maximum limit of the circuit breaker.

The surge in share prices of low-profile companies came amid the commission’s decisions to reform the companies and lower the companies’ settlement cycle for completion of share transactions to T+3 from T+9.

Turnover on the bourse increased to Tk 786.01 crore on Tuesday compared with that of Tk 729.36 crore in the previous trading session.

DSE blue-chip index DS30 also gained 0.89 per cent, or 14.8 points, to close at 1,660.53 points on the day.

Shariah index DSES added 0.86 per cent, or 9.5 points, to settle at 1,113.80 points.

Bangladesh Export Import Company led the turnover chart with its shares worth Tk 64.07 crore changing hands on the day.

Beximco Pharmaceuticals, Grameenphone, Orion Pharmaceuticals, LafargeHolcim Bangladesh, Square Pharmaceuticals, Bangladesh Submarine Cables Company, Bangladesh Shipping Corporation, IFIC Bank and Singer Bangladesh were the other turnover leaders on the day.

Express Insurance gained the most with a 50-per cent increase in its share prices, while Dacca Dyeing was the worst loser, shedding 10 per cent.

 

https://www.newagebd.net/article/114506/stocks-gain-riding-on-large-caps




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