Stocks bounce back
Stock market bounced back today because of higher participation of institutional investors.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 37.5 points, or 0.58 per cent, to 6,417 compared to the previous day. In the previous two days, the index lost 45 points.
Though general investors were shaky today, some institutional investors preferred buying stocks amid a rise in Covid-19 infections, said a top official of a leading stock brokerage firm.
The banking sector has excess liquidity now and there is not enough scope to invest the money, because of which some big investors are pouring their funds in to the stock market to keep their money rolling, he said.
The investors think another expansionary monetary policy will make their investment decisions logical, the broker said.
The central bank will announce monetary policy for the current fiscal year tomorrow.
Turnover, an important indicator of the market, fell 6.97 per cent to Tk 1,360 crore compared to the previous day.
At the DSE, 218 stocks advanced, 122 fell and 35 remained unchanged.
Peoples Insurance topped the gainers' list that rose 10 per cent for the second consecutive day after disclosing its earnings for April to June period this year.
Its earnings per share rose 57 per cent to Tk 0.60.
Stocks of Fu-Wang Ceramic Industries traded mostly that worth Tk 44 crore followed by SAIF Powertec, Beximco Ltd, GPH Ispat, and Central Insurance.
Despite disclosing higher profits, stocks of Heidelberg Cement shed mostly in the market that fell 5.12 per cent followed by Emerald Oil, Global Heavy Chemicals, and C&A Textiles.
Earnings per share of Heidelberg Cement stood at Tk 11.79 in the first half of the current year while it was Tk 2.54 in the negative year-on-year.
The Chattogram Stock Exchange also rose today. CASPI, the general index of the port city bourse, increased 89 points, or 0.48 per cent, to 18,621.
Among 315 traded stocks, 172 advanced, 103 fell and 40 remained unchanged.