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Stocks get robust despite lockdown panic


Published : 13 Apr 2021 09:45 PM | Updated : 13 Apr 2021 11:34 PM

Stocks witnessed robust growth on Tuesday after foiling fears due to the seven-day strict-lockdown as investors hold their position on stocks on low-priced lucrative issues.

The prime index of the Dhaka Stock Exchange (DSEX) increased by 70.22 points or 1.35 percent to close at 5,258.

Market analysts said investors have displayed prudence and panic did not increase selling pressure ahead of lockdown, and this resulted in pushing the capital market to rapid growth on Tuesday.

They said the bargain hunters took advantage of low priced shares of some large-cap issues which helped the market ended higher.

Lucrative price levels of many stocks coupled with the lowered circuit breaker limit to 2 percent from the existing 10 percent for 66 companies also encouraged investors, they said.

DSE director Shakil Rizvi said investors have taken a wise decision as they avoided panic-sell pressure on the market. As a result, the market witnessed a positive trend, he mentioned.

The share prices of many companies are now quite low, he said. So , the market is likely to get better after the government’s restrictions, he added. 

The market is less likely to deteriorate if investors do not make unreasonable panic sale, he mentioned.

However, the DSE30 Index, comprising blue chips, went up by 36.82 points to settle at 1,997 and the DSE Shariah Index (DSES) increased by 15.60 points to finish at 1,198.

The total turnover on DSE also went up to Tk 5.12 billion, which was 3.64 percent higher than the previous day’s turnover of Tk 4.94 billion.

Major sectors lead the growth with the cement sector seeing the highest gain of 3.80 percent.

It was followed by financial institutions with 2.50 percent, telecom 2.12 percent, engineering 2.10 percent, pharma 1.30 percent and banking 1.10 percent.

Gainers lead over the losers, as out of 347 issues traded, 228 advanced, 63 declined and 56 issues remained unchanged on the DSE trading floor.

Dhaka Insurance was the day’s top gainer, rising 9.97 percent while Premier Bank was the worst loser, losing 15.55 percent.

The market-cap (capitalisation) of DSE also increased to Tk 4,585 billion on Tuesday, up from Tk 4,522 billion in the previous session.

On the other hand, the port city bourse, the Chattogram Stock Exchange (CSE) also saw a rapid growth with its selective category index (CSCX) gaining 112 points on Tuesday to close at 9,167 points.

The All-Share Price Index (CASPI) of the CSE was higher by 185 points to close at 15,194 points.

Of the issues traded, 124 advanced, 62 declined and 28 remained unchanged on the CSE.

The port city's bourse traded 6.48 million shares and mutual fund units with turnover value of Tk 25.6 crore during the last week.