Stocks gain despite Covid-19 pandemic

Staff Correspondent

7 July, 2020 12:00 AM printer

Share prices at Dhaka Stock Exchange surged for the second consecutive sessions with upward turnover amid coronavirus pandemic as some investors went on buying binge riding on the regulatory move for ensuring mandatory shareholding rules.

The stock market regulator has asked 61 directors of 22 listed companies to ensure a minimum 2 percent shares in their own companies within 45 days to continue their directorship.

To this end, the Bangladesh Securities and Exchange Commission (BSEC) sent a letter to all the companies on July 2, asking them to comply with the mandatory shareholding rules by each director other than the independent one which created some buying pressure.

DSEX, the key index of the Dhaka Stock Exchange, increased by 13.13 points or 0.32 per cent to close at 3,994 points.

The DS30 index, comprising blue chips, gained by 6.60 points to settle at 1,342 points and the DSE Shariah Index went up by 0.91 points to close at 921 points.

Turnover increased to Taka 150.06 crore from Sunday’s Taka 73.41 crore on the DSE and the daily trade volume also increased to 4.77 crore shares from Sunday’s 3.08 crore shares.

Of the total issues traded, 216 remained unchanged, 57 advanced and 23 declined on the DSE floor.

A total number of 25,022 trades were executed in the day’s trading session with a trading volume of 47.69 million shares and mutual fund units.

The market-cap on the premier bourse also rose to Tk 3,120 billion on Monday, from Tk 3,115 billion in the previous session.

Beximco Pharma topped the turnover chart with shares worth Tk 104 million changing hands, followed by Square Pharma, Indo-Bangla Pharma, Bangladesh Submarine Cable, and Wata Chemicals.

Pubali Bank was the day’s best performer, posting a gain of 10 per cent, followed by Paramount, PURABIGEN, FUWANG Food and BNICL while Beximco Synthetics was the worst loser, losing 6.25 per cent, followed by Tallu Spinning, Asia Pacific Insurance, Family Tex and Apolo Ispat.

The Chittagong Stock Exchange also ended marginally higher with its All Shares Price Index (CASPI)—advancing 32 points to close at 11,338 and the Selective Categories Index - CSCX –gaining 21 points to finish at 6,866.

Of the issues traded, 36 gained, 16 declined and 67 remained unchanged on the CSE.

The port city bourse traded 2.35 million shares and mutual fund units with a turnover value of Tk 891 million.