General investors push stock index up | The Daily Star
12:00 AM, October 19, 2020 / LAST MODIFIED: 03:25 AM, October 19, 2020

General investors push stock index up

Stock trading was on a slightly upward trend yesterday thanks to increased participation from general investors.

Turnover, an important indicator of the market, amounted to Tk 657 crore at the Dhaka Stock Exchange (DSE) yesterday, a 19.89 per cent increase compared to the same day last week.

Meanwhile the DSEX, the benchmark index of the DSE, rose 5.35 points, or 0.10 per cent, to 4,877.65 points.

General investors are rearranging their portfolios while considering the performances of listed companies for the year that ended on June 30 and so, the index has been a mixed bag for the past few days, said a stock broker.

Turnover fell last week compared to the weeks before but if listed companies can earn profits despite the Covid-19 fallout, then the situation should improve in the coming days, he added.

Nitol Insurance topped the gainers' list yesterday with a 10 per cent increase followed by Provati Insurance, Asia Insurance, Continental Insurance, and Northern Insurance.

Bangladesh Submarine Cables traded the most with Tk 23.44 crore followed by Continental Insurance, Asia Pacific Insurance, Beximco Pharmaceuticals and Bangladesh General Insurance.

Insurance companies continued to place in the top gainer and top turnover lists as people are still investing in these companies on the back of rumours, a merchant banker said.

The rumour is that gamblers are staying with the stocks and so, these shares will continue to rise.

However, this is a very dangerous way to make investments.

While the sponsors and directors of listed insurers are selling off their shares at higher prices, general investors are still buying the stocks, which might be disastrous for them, he added.

Keya Cosmetics shed the most, dropping 6.66 per cent followed by Far East Knitting & Dyeing Industries, Vanguard AML BD Finance Mutual Fund One, C&A Textile, and Evince Textile.

Of the total 356 traded companies, 113 advanced, 196 declined and 47 remained unchanged. 

 

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