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The market rebounded strongly on Monday, snapping a two-day losing streak, as investors put fresh bets on large-cap stocks amid extended trading hours.
Trading time extended by 30 minutes to 2:00pm from Monday in line with the banking hours. Trading started at 10:00am as usual and continued until 2:00pm.
The market jumped at the opening which was sustained till the end of the session led by banking, financial institutions, engineering and general insurance sectors.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 55.31 points or 0.95 per cent to settle at 5842, after losing more than 85 points in the past two consecutive sessions.
Two other indices also ended higher with the DSE 30 Index, comprising blue chips, rose 11.22 points to finish at 2,172 and the DSE Shariah Index (DSES) advanced 6.27 points to close at 1,269.
Turnover, a crucial indicator of the market, rose to Tk 18.20 billion on the country’s premier bourse, climbing further by 22 per cent over the previous day’s mark of Tk 14.85 billion.
Market analysts said the stocks rebound strongly with renewed investors’ optimism as the government relaxed virus-induced strict lockdown.
Lower returns from the money market, easing virus worries, coupled with positive expectations from the upcoming budget, boosted the investors’ confidence in the market, said a merchant banker.
Gainers took a strong lead over the losers, as out of 362 issues traded, 241 advanced, 66 declined and 55 issues remained unchanged on the DSE trading floor.
Beximco – the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth about Tk 1.39 billion changing hands, followed by Pioneer Insurance (Tk 546 million), NRB Commercial Bank (Tk 540 million), Saif Powertec (Tk 535 million) and Prime Bank (Tk 534 million).
Delta Spinners was the day’s biggest gainer hitting the upper limit circuit breaker with a 10 per cent gain, while Pioneer Insurance was the worst loser, shedding 5.11 per cent.
A total number of 261,838 trades were executed in the day’s trading session with a trading volume of 646.89 million shares and mutual fund units.
The market cap of DSE also rose to Tk 4,964 billion on Monday, up from Tk 4,912 billion in the previous session.
The Chittagong Stock Exchange (CSE) also rebounded with the CSE All Share Price Index – CASPI –soaring 177 points to settle at 16,935 and the Selective Categories Index – CSCX rising 104 points to close at 10,204.
Of the issues traded, 199 advanced, 65 declined and 30 issues remained unchanged on the CSE.
The port city’s bourse traded 44.98 million shares and mutual fund units with a turnover value of Tk 986 million.
(FE)
