Stocks finish 2020 on happy note

Dhaka stocks had a happy ending on Wednesday, the last trading day of 2020, with the benchmark index DSEX hitting an 18-month high.

The market started the day with choppy trade due to some profit booking, but landed on a high note at close, as investors reacted to a series of positive news related to vaccination rollout and prospect of more fiscal stimulus to support a pandemic-damaged economy.

The local stock markets will remain closed on December 31 on account of bank holiday.

The DSEX finished almost 44 points or 0.81 percent up to settle at 5,375, its highest since June 30, 2019, extending its winning streak for the sixth session in a row. The index added 950 points in 2020, erasing 935 points losses seen in 2019.

Other indices, the DSES edged over 8 points or 0.71 percent to 1,242 and blue-chip DS30 rose 27 points or 1.41 percent to 1,963.

Investors’ sentiments were lifted as the coronavirus vaccine will be available in Bangladesh next month and the government is set to pour more funds to revive the economy battered by the coronavirus, according to investment analysts.

“Falling interest rate also gives the stock market a boost,” said an analyst at an investment bank.

Long rally and debut of Robi, the biggest IPO ever, have promoted a rush among investors to bet on stocks, helping to push up the volume of trade.

The turnover increased by 11.52 percent to Tk 1,543 crore backed by general insurers, pharmaceuticals, non-banking financial institutions and engineering sectors.

Beximco Ltd—the flagship company of Beximco Goup—was the most traded stock with shares worth over Tk 120 crore changed hands. It is the highest transaction by a single company in recent months.