Thursday, 21 October, 2021

Stocks extend rally to set at new highs

  • Staff Correspondent
  • 1 October, 2021 12:00 AM
  • Print news

Stocks extended the rally for the fourth straight session to hit new highs on Thursday thanks to the increased optimism among investors.

The market opened on a positive note and the trend continued till the end amid modest volatility as investors were active on both sides of the trading fence.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 26.17 points or 0.35 per cent to settle at 7,329–the highest since its inception on January 27, 2013, replacing the then key index -- DGEN.

Two other indices also ended higher with the DS30 index comprising blue chips went up by 13.65 points to close at 2710 and the DSE Shariah Index (DSES) advanced 8.43 points to finish at 1,592.

Turnover, another important indicator of the market, crossed Tk 25 billion-mark and amounted to Tk 25.02 billion on the prime bourse, which was 10.26 per cent higher than the previous day’s tally of Tk 22.69 billion.

Market analysts said stocks extended the rally for the fourth straight sessions as investors are putting fresh funds on stocks anticipating positive momentum ahead.

Institutional investors preferred buying stocks as they hope the index will rise further as money flow in the banking sector may increase, said a stockbroker.

He noted that easing the Covid-19 situation, ongoing mass vaccination, and faster economic recovery hopes helped investors keep their confidence in the market.

However, losers took a modest lead over the gainers, as out of 375 issues traded, 171 closed lower, 165 higher and 39 issues remained unchanged on the DSE trading floor.

LafargeHolcim Bangladesh topped the turnover list for the second straight day with shares worth more than Tk 2.0 billion changing hands, followed by Orion Pharma (Tk 1.06 billion), Beximco (Tk 945 million), Power Grid Company (Tk 872 million) and Beximco Pharma (Tk 865 million).

The Chittagong Stock Exchange (CSE), also ended marginally higher with the CSE All Share Price Index – CASPI –gaining 54 points to settle at 21,377 and the Selective Categories Index – CSCX -- rising 35 points to close at 12,835.

Of the issues traded, 149 declined, 141 advanced and 29 remained unchanged on the CSE trading floor.

The port-city bourse traded 28.11 million shares and mutual fund units with turnover value of Tk 1.23 billion.