Stocks undaunted amidst Omicron

Participation of investors in the stock market continued to rise yesterday in spite of apprehensions over deterioration of the pandemic.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), remained almost flat at 7,055 points.

Turnover, an important indicator of the stock market, of the DSE bourse went up 1.55 per cent to Tk 1,712 crore.

Though the Omicron variant of coronavirus is spreading at a faster rate, the health complications caused is comparatively less severe, so stock investors are still pouring their funds, said a stock broker.

Till January 17, the average number of infections every day over a seven-day period was over 4,000 while average deaths seven.

Though the infection rate was the same in April last year, the death rate was over 50, according to the data repository for the 2019 Novel Coronavirus Visual Dashboard operated by the Johns Hopkins University Center for Systems Science and Engineering.

The lower death rate along with the government decision to keep the economy open is helping investors decide on betting on stocks, the broker added.

Among the major sectors, life insurance, textile and services and real estate closed in the positive while ceramics, miscellaneous and paper and printing faced correction.

At the DSE, 184 stocks advanced, 146 fell and 48 remained the same.

Desh Garments topped the gainers' list, rising 10 per cent, followed by Union Insurance Company, Prime Islami Life Insurance, Shepherd Industries and SS Steel.