Stocks go up for the fourth day

Dhaka shares rose yesterday as investors continued to pour in their funds, betting on hopes that the Omicron variant of Covid-19 would not be as threatening as many had previously thought.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 10 points, or 0.15%, to 6,892. This was the index’s fourth consecutive rise in which it gained 161 points in total.

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Investors have been reluctant to park their funds over the past month, mainly for three reasons, one of which was the spread of Omicron in European countries, a senior official at a brokerage firm said.

If Omicron’s spread had a devastating effect, it could also hurt Bangladesh’s economy and the stock market, he said.

The other two reasons are disagreements between the Bangladesh Bank and the Bangladesh Securities Commission on some issues and institutional investors chose to cut back their equity investments in December, he added.

The BSEC ordered all listed companies, including banks and non-bank financial institutions, a few months ago to deposit their undistributed dividend into the stock market stabilization fund.

It also allowed banks and NBFIs to declare dividends on current year profits, even in cases where there were cumulative losses.

But the central bank told them not to comply with the BSEC order, which ultimately impacted equity investors.

In the EHR, 167 stocks rose, 180 fell and 31 remained unchanged.

Meghna Life Insurance Company tops the list of winners, with a 10 percent increase, followed by Fareast Islami Life Insurance Company, Rupali Life Insurance, Bangladesh Shipping Corporation, and Taufika Foods and Lovello Ice-cream.

ICB AMCL Third NRB Mutual Fund lost the most, losing 5.40%, followed by Shepherd Industries, Sonargaon Textiles, Hamid Fabrics and Hwa Well Textiles.

Beximco shares were the most traded, worth Tk 106 crore, followed by Bangladesh Shipping Corporation, Fortune Shoes, Active Fine Chemicals, and Taufika Foods and Lovello Ice-cream.

Revenue, an important indicator of the market, fell 10 percent to Tk 1,182 crore.

The Chittagong Stock Exchange (CSE), however, fell. The CASPI, the main index of the port cities stock exchange, lost 3 points, or 0.01%, to 20,154.

Of the 292 stocks to trade, 130 rose, 128 fell and 34 remained unchanged.

Dhaka’s premier stock exchange was in the green, in line with the last two consecutive sessions of the new year, as bullish investors showed interest in buying shares by sector, International Leasing Securities said in its report. daily market review.

The benchmark fell over the first few hours of trading, then gradually rallied as the session progressed.

Investor enthusiasm for the life insurance, cement and IT sectors helped the index stay in the green, he said.

However, the market has been faced with movements to book profits from risk-averse investors, especially in the travel, miscellaneous, food and allied sectors, he added.

Among sectors, life insurance increased by 3.5%, cement by 2.3% and IT by 1.1% while travel decreased by 2%, miscellaneous by 1.1% and l power & allies 0.6%.

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