Stocks extend rally for fourth day

| Updated: April 24, 2022 18:16:59

Stocks extend rally for fourth day

The market extended the rally for a fourth straight session on Sunday, with rising turnover value, as institutional investors put fresh funds on major sector stocks.

The market opened higher and the key index rose about 58 points after two hours of trading. But late-hour sale pressure wiped out most of the early gains, eventually ending over 20 points high.

DSEX, the prime index of the Dhaka Stock Exchange, went up by 20.87 points or 0.31 per cent to settle at 6,683. DSEX added 201 points in the past four consecutive sessions.

Turnover, a crucial indicator of the market, rose to nearly one month and total turnover amounted to Tk 8.95 billion on the country’s premier bourse, climbing further by 19 per cent over the previous day’s mark of Tk 7.54 billion.

Market analysts said the regulatory encouragement to increase institutional funds flow in the market along with a crackdown on aggressive selling off shares helped the market to stay afloat.

The stock market regulator recently allowed the Investment Corporation of Bangladesh (ICB) an exemption regarding its investment ceiling in a single company so that it can invest more in blue-chip stocks.

The DSE30 Index, comprising blue chips, also advanced 8.05 points to finish at 2,486. However, the DSE Shariah Index (DSES) dropped 3.08 points to close at 1,461.

Of the 380 issues traded, 200 advanced, 142 declined and 39 issues remained unchanged on the DSE trading floor.

Beximco topped the turnover list with shares of nearly Tk 627 million changing hands, followed by IPDC Finance (Tk 589 million), Orion Pharma (Tk 536 million), Bangladesh Shipping Corporation (Tk 294 million), and Fortune Shoes (Tk 291 million.

Union Insurance was the day’s top gainer list, posting a 9.85 per cent gain, while Samorita Hospital was the day’s worst loser, losing 4.98 per cent.

The Chittagong Stock Exchange (CSE) also kept rising with the CSE All Share Price Index - CASPI –gaining 52 points to settle at 19,645 and the Selective Categories Index - CSCX –rose 32 points to close at 11,789.

Of the issues traded, 151 advanced, 108 declined and 30 issues remained unchanged on the CSE.

The port-city bourse traded 14.63 million shares and mutual fund units with a turnover value worth Tk 404 million.

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