Stocks reach new highs over budgetary anticipations
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Stocks reach new highs over budgetary anticipations

Stocks

TBS Report
03 June, 2021, 09:40 pm
Last modified: 04 June, 2021, 12:37 am

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Stocks reach new highs over budgetary anticipations

DSE market cap reached Tk5,089 billion, the highest ever in its history

TBS Report
03 June, 2021, 09:40 pm
Last modified: 04 June, 2021, 12:37 am

The equity indices of both bourses were bullish on Thursday riding on investors' buoyancy over budgetary expectations, with the finance minister announcing the budget after the end of the trading session.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose by 0.57% or 34.42 points to reach 6,053 for the first time in three years and three months. On 15 February 2018, DSEX reached 6,050 points.

The DSE market cap also reached Tk5,089 billion, the highest ever in its history, thanks to the bullish run in the last couple of days and the listing of large-cap securities.

Besides, CASPI, the main index of the port city bourse - Chittagong Stock Exchange - rose by 100 points to reach 17,543.

EBL Securities said in its daily market commentary that the stock market rose on the buying frenzy as investors showed great confidence towards the bourses while bargain hunter investors have been injecting fresh funds with the expectation of capital gains from the rally.

The hyped-up insurance stock reached an exorbitant price level as investors rushed to get a hold of the sectoral issues, the report added.

Meanwhile, the DSE turnover decreased by 4.59% from the previous day and stood at Tk2,182 crore.

Beximco Limited topped the turnover leaders' list with a 4.4% participation whereas other market movers were Pioneer Insurance and NRBC Bank.

Following the rising trend, 184 companies' share prices advanced, 111 declined and 66 remained unchanged.

Investors got the highest return of 6.3% from general insurance, 3.1% from the engineering sector and 2% from the life insurance sector.

The banking sector's shares lost 0.7% of their prices as investors sold those socks to book capital gain.

Professor Shibli Rubayat Ul Islam, chairman of the Bangladesh Securities and Exchange Commission, told at a virtual programme on Wednesday that the insurance sector's share prices had been increasing in the last few days without any reason.

"It happened as insurance companies have low capital and it is easy to have price hikes by investing in those low-cap shares," he added.

The share prices of both AFC Agro and Pacific Denims jumped by 10% and touched the circuit breaker limit without any reason while Aman Feed was the top loser on Thursday.

DSE / Budgetary anticipations

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