Shares jump as Robi makes flying debut

December 24, 2020 16:18:11

| Updated:

December 24, 2020 16:20:07

Stocks witnessed a big jump on Thursday, with turnover crossing Tk 14 billion-mark on the major bourse after more than four-month, as investors put fresh stakes on stocks amid expectations.

DSEX, the prime index of the DSE, went up by 85.07 points or 1.65 per cent to settle at 5,218. It was also the highest level of DSEX in 16 months since August 25, last year.

Turnover, a crucial indicator of the market, crossed Tk 14 billion-mark, after more than four months since August 17 this year and amounted to Tk 14.05 billion, climbing further by 13 per cent over the previous day.

Meanwhile, Robi made a flying trading debut on the bourses on Thursday as its share closed at Tk 15 each, soaring 50 per cent, the highest allowable limit on its issue price of Tk 10 each.

During the first trading day, 80 trades were executed with a trading volume of 117,162 shares of Robi worth Tk 1.76 million, according to DSE statistics.

On the Chittagong Stock Exchange (CSE), the company’s share price also rose 50 per cent to close at Tk 15 each, after hitting the highest allowable limit.

At the port city’s bourse, 26 trades were executed with a trading volume of more than 2.97 million shares of Robi of Tk 44.45 million, according to DSE statistics.

Market operators said spontaneous participation backed by high expectations lured the investors to take position on the large-cap stocks, taking the market turnover four-month high.

Factors like lower returns on the money market amid liquidity glut, hope for Covid-19 vaccine and strong regulatory actions against wrongdoers prompted sideline investors to put fresh funds on stocks, they said.

The rally has been largely supported by high market liquidity and fundamentally strong stocks like banking, power, non-bank financial institutions and telecom sector stocks, said a merchant banker.

Investors’ confidence on the market is evident due to several markets making directives from the BSEC which turned into investors’ participation, said a leading broker.

Two other indices also ended higher. The DS30 index, comprising blue chips, soared 40.50 points to finish at 1,876 and the DSE Shariah Index rose 17.37 points to close at 1,203.

Gainers took a strong lead over the losers, as out of 360 issues traded, 208 advanced, 74 declined and 78 remained unchanged on the DSE trading floor.

A total number of 202,986 trades were executed in the day’s trading session with a trading volume of 440.68 million shares and mutual fund units.

Total market capitalisation jumped to Tk 4,257 billion on Thursday, from Tk 4,126 billion in the previous day, showing more than 3.17 per cent or Tk 131 billion increase over the previous day due to Robi.

Beximco continued to dominate the turnover chart with 21.46 million shares worth Tk 867 million changing hands, followed by IFIC Bank, Beximco Pharma, LafargeHolcim, and BSCCL.

Beximco was also the day’s best performer, posting a gain of 9.97 cent while Envoy Textile was the worst loser, losing 4.72 per cent.

The Chittagong Stock Exchange (CSE) also ended higher with its All Shares Price Index (CASPI)—soaring 244 points to close at 14,989 while the Selective Categories Index – CSCX rising 145 points to close at 9,036.

Of the issues traded, 158 advanced, 59 declined and 54 remained unchanged on the CSE.

The port city bourse traded 21.83 million shares and mutual fund units with a turnover value of more than Tk 731 million.

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