Vaccine optimism inspires Dhaka stocks

Dhaka (Dec 1, 2020): Dhaka stocks rallied into the close on Tuesday, as investors shrugged off worries about the resurgence in Covid-19 cases.

The key index started from low and climbed steadily until closure of the session supported by financial, engineering and food stocks.

The DSEX finished up 37 points or 0.76 percent to 4,903, after hitting a high of 4,912 just before the end of the trade. Among other indices, the DSES Index climbed 6 points or 0.5 percent to 1,120 and blue chip DS30 index dropped 8 points or 0.48 percent to 1,695.

The turnover in value declined more than 17 percent to Tk 663 crore, driven by the insurance sector that made up over 27 percent.

“Stocks retreated as vaccine optimism outshone the worries amid rising corona infection numbers,” said a stock broker.

Gainers outpaced losers significantly as out of total 353 issues traded, 149 closed higher, 94 declined and 110 remained unchanged.

All the large-cap sectors posted positive performance. Engineering booked the highest gain of 4 percent, followed by NBFI that rose 1.68 percent, bank 1.49 percent, food and allied 0.83 percent, telecommunication 0.48 percent and pharmaceutical 0.24 percent.

Energy sector came under sell pressure, shedding 1.34 percent led by United Power Generation and Development Company. Other top losers included Tallu Spinning, Savar Refractories, Bangladesh National Insurance Company and Family Textile.

Beximco Pharmaceuticals dominated the trading with shares worth about Tk 32 crore changing hands, followed by Pragati Insurance, IFIC, Beximco, Aaamra Net and BSCCL.

Agni System gained the highest, increasing by over 9.9 percent to Tk 19 per share, followed by National Feed Mill, Aamra Net, Hamid Fabrics, Peninsula, SS Steel and Aamra Technologies.