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Stocks gain steam as turnover jumps 60pc

FE REPORT | August 17, 2022 12:00:00

Stocks closed higher on Tuesday, extending the recovery from last week's price corrections, as investors' participation increased significantly amid signs of easing economic strains.

On the day, the turnover on the Dhaka Stock Exchange (DSE) crossed Tk 10 billion as investors went on a buying spree while the securities gained across the board.

The Dhaka bourse opened the day's session on a positive note and the benchmark DSEX index continued its upward trend until midsession.

After the midsession, the DSEX lost some early gains but recovered soon to close the day 0.82 per cent or 50.67 points higher at 6,225.91.

Two other sub-indices also ended higher. The Shariah-based index, DSES, advanced 0.77 per cent or 10.44 points to close at 1,361.38 while the blue-chip DS30 index finished at 2,213.02 points with a rise of 0.62 per cent or 13.72 points.

Of 382 issues traded on the DSE, 237 advanced, 42 declined and 103 remained unchanged.

The companies which contributed most to the increase in broad index include Beximco Pharmaceuticals, Beximco, LafargeHolcim Bangladesh, Orion Pharmaceutical, Bangladesh Shipping Corporation and IPDC Finance.

At the end of the session, the DSE posted a turnover of Tk 10.34 billion, 60.55 per cent up from the previous session.

Of total turnover, Tk 726 million came from transactions executed in block trades.

"Equity indices of the Dhaka bourse continued their upward momentum for the second consecutive session propelled by increased market participation," said the EBL Securities.

Investors were active on both sides of the trading fence, while buyers dominated the market throughout the session, it added.

Investors' participation was mostly concentrated on the textile sector which grabbed 21.3 per cent of the market turnover followed by miscellaneous sector (13.6 per cent), pharmaceuticals & chemicals (8.8 per cent), food & allied (8.2 per cent), and financial institutions (7.1 per cent).

Beximco topped the turnover chart with shares worth Tk 832 million changing hands, followed by IPDC Finance (Tk 402 million), Malek Spinning Mills (Tk 353 million), Bangladesh Shipping Corporation (Tk 270 million) and Intraco Refueling Station (Tk 252 million).

Orion Infusion was the number top gainer with a rise of 9.45 per cent or Tk 12.20 to close at Tk 141.30 each.

ICB AMCL Sonali Bank Ltd. 1st Mutual Fund was the worst loser, shedding 1.23 per cent or Tk 0.10 to close at Tk 7.80 each.

The Chittagong Stock Exchange (CSE) also ended higher following investors' increased participation.

CASPI, the benchmark index of the CSE, advanced 0.78 per cent or Tk 142.54 points to close at Tk 18,313.85.

Of 279 issues traded, 156 advanced, 42 declined and 81 remained unchanged on the CSE, with a turnover value of Tk 180.21 million.

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