Dhaka stocks rebound supported by BATBC

Dhaka stock market rebounded on Wednesday after a three-day losing streak, supported by textile, fuel and power, and pharmaceutical stocks.

Meanwhile, as a single company BATBC supported the index to rise the most. On the day, BATBC shares, which have been declining for days, gained 2.13 percent and contributed nearly 10 points to the index.

The company’s share price had been falling since February 6. In this situation, on February 10, the company declared a 150-percent cash dividend for its shareholders.

As a result, the share price rose by Tk 11 on that day. But after that, the shares went down again.

On February 6, BATBC’s share price was Tk 672.40. From there, the share price stood at Tk 610.60 on Tuesday. On Wednesday, it rose by Tk 13 to 623.60.

However, investors seemed cautious ahead of a war-like situation between Russia and Ukraine. Inflationary pressure in the local markets has also forced investors to open their purse.

In this situation, turnover on the Dhaka Stock Exchange (DSE) was less than Tk 888 crore, lowest so far in 2022.

Amid this subdued sentiment most of the textile and pharma stocks gained. As a result, DSEX, the benchmark index of DSE, ended nearly 31 points or 0.44 percent higher at 6,948.

Among other DSE indices, shariah-based DSES was up 3.32 points or 0.22 percent, and the blue-chip DSE-30 increased 14.13 points or 0.55 percent.

Of the shares of 379 companies traded on the day, 135 firms saw a fall in prices, 185 firms witnessed an increase, and 59 remained unchanged.

Of these, shares of Beximco Limited were the most-traded by value. Shares of the company worth Tk 86.75 crore were traded on the day. 

Anwar Galvanizing, which was in the second place, had a turnover of Tk 26.50 crore and Orion Pharma was in the third place with a share transaction of Tk 25.88 crore.

Among the top-traded companies were Bangladesh Shipping Corporation, Dragon Sweater, National Life Insurance, Fortune Shoes, Sonali Paper, Apex Spinning and LafargeHolcim Cement. 

The Textile sector rose to the top position in terms of transactions. The total turnover in this sector was Tk 143.4 crore, which was 16.79 percent of the total turnover.

The Miscellaneous sector was at the second highest position of turnover with trade volume worth Tk 124.84 crore and the Engineering sector at the third position with transactions worth Tk 115.8 crore. 

Meanwhile, the overall index CASPI of the Chittagong Stock Exchange (CSE) increased by 82 points to 20,313 points and securities worth Tk 24.46 crore were traded on the day.