Stocks continue to reach new heights

Stocks closed higher yesterday following a five-day break for Eid-ul-Azha as trading resumed amid the government-imposed coronavirus containment measures.

This marked the sixth consecutive day of a market rally at the Dhaka Stock Exchange (DSE) that has driven the prime index of the country’s premier bourse to new heights.

The DSEX, the benchmark index of the DSE, rose 19 points, or 0.29 per cent, to 6,424.21 yesterday even though the prices of most listed stocks had declined.

Last week, the DSEX crossed an all-time high since its inception in 2013.

At the DSE, 116 stocks advanced, 237 declined and 22 remained unchanged.

“The market was powered by institutional investors who bought fundamental stocks and so, the index rose,” said a top stock broker, adding that general investors were in selling mood.

British American Tobacco Bangladesh contributed the most followed by Beacon Pharmaceuticals, Beximco Pharmaceuticals, Heidelberg Cement, GPH Ispat, LafargeHolcim Bangladesh and MI Cement, according to data from Amarstock.com.

“Since people are still in a holiday mood, their participation was not up to normal levels but it is rising now,” the broker said.

Turnover, another important indicator of the market, rose 7 per cent to Tk 1,354 crore.

The DS-30, another DSE index which represents blue-chip stocks, rose 14 points, or 0.60 per cent, to reach a record-high of 2,336 yesterday.

Fu-Wang Ceramics topped the gainers’ list, rising 9.95 per cent, followed by GPH Ispat, Meghna Cement, Aramit Cement, and Baraka Patenga Power.

Stocks of SAIF Powertec traded the most with Tk 68 crore followed by British American Tobacco Bangladesh, Beximco Limited, BD Finance, and Fu-Wang Ceramics.

Familytex BD shed the most, falling 9.43 per cent, followed by Tung Hai Knitting, RN Spinning Mills, C&A Textiles, and Fareast Finance.

The port city bourse also rose yesterday as the CASPI, the general index of the Chittagong Stock Exchange, advanced 130 points, or 0.55 per cent, to 18,673.

Among 305 traded stocks, 105 advanced, 178 dropped, and 22 remained unchanged.