Stocks climb amid rising trade

Dhaka (Nov 25, 2020): Dhaka stocks rose for the second consecutive session on Wednesday amid increase in trading volumes.

The market began on a positive note in the morning and got momentum until closure of the trade supported by insurers.

At the end of trading, the benchmark DSEX Index gained almost 30 points or 0.59% to settle at 4,861.

Among other indices, the DSES Index was slightly up by 4 points or 0.4 percent to 1,117 and blue chip DS30 Index rose 7 points or 0.43 percent to 1,681.

The end of Robi IPO subscription contributed to the surge of turnover. However, investor sentiment still remained subdued due mainly to the deteriorating coronavirus situation, said a top stock broker.

The trading volumes started to rise as the turnover by value was Tk 602 crore, up by more than 10 percent over the previous session. Insurance sector made up 38 percent of the total turnover alone

Out of the 342 issues traded, 142 closed higher, 109 declined and 91 remained unchanged.

Among the large cap sectors, the general insurance sector showed the highest 5.42 percent rise while mutual funds showed the highest 3.97 percent loss.

The sectors that showed positive performance are telecommunication, NBFI, bank, energy, textile, jute and pharmaceutical. Among other sectors, food and allied, engineering, cement and ceramic declined. 

Nitol Insurance became the top turnover leader, knocking down the Beximco Pharmaceuticals that dominated the trading floor for almost two weeks. It accounted for 10 percent of the total volume of trade.

Other turnover leaders included Continental Insurance, Pioneer Insurance, Northern Insurance, Asia Insurance, Pioneer Insurance, ADN Telecom, Reliance Insurance and BD Finance.

Golden Son was the top gainer with a rise of over 11 percent, ignoring its poor financial report. The company reported that its EPS was negative Tk 1.05 for the July-September period.

Baraka Power suffered most, shedding over 9 percent to Tk 23 a share after record trade trading. It was followed by SEML FBLSL Growth Fund, First Prime Mutual Fund, ICB 3rd NRB Mutual Fund and AIBL First Mutual Fund.