Stocks hit fresh highs, Dominage keeps rising
BI Report || BusinessInsider
Stock market
Dhaka stocks were back to positive on Wednesday amidst local and global cues following flat in the previous session.
The market started in the morning between green and red before climbing to fresh high in several months backed by engineering, bank, telecom and food stocks.
The benchmark DSEX index rose 20 points or 0.39 percent to settle at 5,069, the first time since September this year.
Market participants were keenly watching rising coronavirus cases and financial stimulus package implementation to weather the pandemic fallout, according to brokers.
“Vaccination may be effective, which raised hopes for recovery in industries damaged by the pandemic,” said a top stock broker.
As indices were touching fresh record highs, nervousness started creeping, which was reflected in the opening session, he said.
The Shariah-based DSES index rose over 5 points of 0.44 percent to close at 1,163 and blue chip DS30 Index added 6 points or 0.39 percent to 1,767.
Following relatively quiet in the previous session, the volume of trade got momentum, as the turnover in value increased by more than 14 percent to Tk 825 crore. Almost half of the contribution to the turnover came from general insurance, engineering and pharmaceutical sectors.
Gainers beat losers as out of 357 issues traded, 147 advanced, 121 declined and 89 remained unchanged.
Debutant Dominage Steel Building Systems continued to skyrocket as its share prices increased by more than 220 percent in six trading days despite its declining earnings. It closed at Tk 32.7 a share, up from Tk 29.80 recorded in the previous session.
Beximco Ltd continued to dominate the trading floor as usual, making it top turnover leader with shares worth about Tk 60 crore changed hands. It was followed by Beximco, Rupali Insurance, IFIC Bank, Republic Insurance, Fortune Shoes and SS Steel.
SAIF Power Tech came to the scene becoming the highest gainer of the day, rising sharply by 10 percent, as the company recently doubled its battery production.
