Dhaka stocks soared on Monday, extending the record-breaking rally as investors, encouraged by the recent surge, continued buying shares amid economy reopening hopes.
DSEX, the key index of the Dhaka Stock Exchange, gained 0.87 per cent, or 56.31 points, to close at an all-time high at 6,481.56 points on Monday.
The DSEX gained 101.89 points in the last three sessions.
In 2013, the bourse launched the index under a Standard and Poor’s-developed free-float methodology with a view to replacing the then key index of the bourse, DGEN. The DGEN was at 4,171.41 points when the DSEX was launched in 2013.
The key index started gaining from the very beginning of Monday’s session and climbed more firmly as the session progressed as investors went for heavy buying amid the government moves to reopen industries.
Export-oriented industries, including the readymade garment sector, resumed production on August 1 amid the prevailing Covid restrictions.
The cabinet division issued a notification on Friday after business leaders had kept asking the government for permission to operate factories amid the ongoing restrictions.
After the countrywide Covid restrictions ended on July 14, the government announced a fresh round of restrictions from July 23 to August 5.
Investors anticipated that the economy would reopen after August 5, market operators said.
There is a huge amount of liquidity in the financial market and people have found the capital market as lucrative option for investments, they said.
The market has been gaining for four months.
Some investors anticipated that the market would gain more that provoked them to inject fund in the market, market operators said.
Average share prices of engineering, textile, non-bank financial institution and pharmaceutical sectors advanced by 3.4 per cent, 3.3 per cent, 2.6 per cent and 1 per cent respectively.
EBL Securities in its daily market commentary said, ‘The continuation of expansionary monetary policy has turned investors positive on the bourse. Moreover, the reopening of export-oriented factories has also stimulated investors’ buoyancy as they expect that the economy will resume normalcy riding on vaccine rollout in the country.’
Among the large capitalised companies, share prices of Beacon Pharmaceuticals, Orion Pharmaceuticals, British American Tobacco Company and BEXIMCO advanced on the day.
Of the 374 scrips traded on the DSE on Monday, 232 advanced, 118 declined and 25 remained unchanged.
Among the large capitalised companies, share prices of Beacon Pharmaceuticals, Grameenphone, BRAC Bank and GPH Ispat advanced on the day.
Turnover on the DSE increased to Tk 2,187.83 crore on Monday from Tk 1,521.31 crore in the previous session.
Monday’s turnover was the highest after June 10, 2021 when it was at Tk 2,669.25 crore.
DS30, a composition of 30 large capitalised companies, increased by 0.69 per cent, or 16.22 points, to close at 2,344.10 points on Monday.
Shariah index DSES added 0.79 per cent, or 11.10 points, to settle at 1,412.14 points.
BEXIMCO led the turnover chart with its shares worth Tk 58.94 crore changing hands on the day.
Saif Powertec, Orion Pharmaceuticals, GPH Ispat, Fu-Wang Ceramics, SS Steel, Silco Pharmaceuticals, Alif Manufacturing Company, People’s Insurance and FAR Chemicals were the other turnover leaders on the day.
Midway News Team
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