Stocks maintain gaining streak
The engineering and non-bank financial institution (NBFI) sectors pushed the country's stock market upward yesterday thanks to increased investor participation.
DSEX, the benchmark index of the Dhaka STOCK MARKET (DSE), rose 142.26 points, or 2.48 per cent, to 5,861.02. This is the highest since February 7, 2019 or a 23-month high.
Stocks and shares of the engineering sector went up 5.45 % although it was 2.88 % for NBFIs, based on the daily market examination of UCB Capital Management.
These two sectors topped the turnover list aswell with the NBFI sector accounting for Tk 295 crore, or 14.88 % of the full total turnover.
Meanwhile, the engineering sector registered around Tk 218 crore, or 11 % of the full total turnover.
Investors are actually optimistic about monetary rebound from Covid-19 because of the recent news that Bangladesh is certainly going to get started on vaccinations in February, a good merchant banker said.
The federal government has ensured that the first batch of the Oxford-AstraZeneca Covid-19 vaccines from the Serum Institute of India would arrive by January 25 while vaccination begins from the first week of February.
"So, the index provides been growing," he stated, adding that the engineering sector had remained low in the previous couple of months.
With the economic rebound, the country's developing sector is bouncing back, said Abdullah Hujaifah, a higher net worth investor.
Alternatively, banks and NBFI shares normally go up in December and January because they announce their gains and dividends during this time period of the year, he added.
Turnover, a crucial indicator of the currency markets, rose 18 per cent to Tk 1,982 crore yesterday.
Among the 361 stocks traded at the DSE, 195 advanced, 106 dropped and 61 remained the same.
Generation Next topped the gainers' list, rising 10 per cent accompanied by Dominage Steel, Alltex Sectors, Beximco and Robi Axiata.
LankaBangla Finance was the most traded share with Tk 119 crore worth of shares changing hands accompanied by Beximco Pharmaceuticals, Beximco, LafargeHolcim Bangladesh and IFIC Lender.
ADN Telecom shed the most, losing 9.88 per cent accompanied by CAPM IBBL Mutual Fund, Sonali Ansh, Provati Insurance and Republic Insurance.
The port city bourse also rose yesterday as the overall index of the Chittagong STOCK MARKET, CASPI, climbed up 424 points, or 2.54 %, to stand at 17,089.
Of the 291 traded stocks, 182 rose, 70 fell and 39 remained unchanged.
