Stocks snap three-day losing streak

Dhaka stocks strongly rebounded on Monday, bringing a three-day losing streak to an end.

The market opened on a positive note in the morning before climbing steadily at close, pulled up mainly by telecommunication and pharmaceutical issues.

The benchmark DSEX gained over 40 points or 0.80 percent to 5,115, while the DSES rose 12 points or 1.06 percent to 1,182 and blue-chip DS30 was up 24 points or 0.13 percent to 1,818.

The market turned its focus on mainly financial stimulus updates and development related to Covid-19 vaccine. And it may also witness profit-booking at record levels, analysts say.

Turnover stood at Tk 1,137 crore, up from Tk 860 crore from the previous session. Out of 354 issues traded, 130 advanced, 146 declined and 80 remained unchanged.

“Going ahead, the market may continue with its positive bias on the back of abundant liquidity and vaccine rollout. However, intermittent profit-booking cannot be ruled out,” said a top stock broker.

Beximco Ltd was the top turnover, followed by Beximco Pharmaceuticals, People Insurance, IFIC Bank, Rupali Insurance, Orion Pharmaceuticals, Square Pharmaceuticals and UPGDCL.

Crystal Insurance that made its debut in the day was the largest gainer with a rise of 10 percent to Tk 15 a share. It was followed by IFAD Autos, National Feed Mills Ltd, Bangladesh National Insurance Company Ltd, Beximco and JMI Syringe.

Miracle Industries was the worst performer slipping more than 5 percent, followed by Premier Ceramic, Express Insurance and Daffodil Computer.