Stocks gain at opening amid rising turnover

Beximco Pharma soars riding on Sanofi’s stake buying news

January 24, 2021 11:20:41

Investors, in protective suits, monitoring stock price movements on computer screens at a brokerage house in the capital city — FE/Files

Stocks on both the bourses witnessed a positive note amid soaring turnover in the early trading on Sunday as investors went on buying spree on major sector stocks.

Beximco Pharma’s share soared 4.7 per cent to reach at Tk 207.5 within 30 minutes of trading following the news that the company is set to acquire 54.6 per cent stake in Sanofi Bangladesh for roughly Tk 4.0 billion, as it looks to expand its product base and diversify into new areas.

With this, the French pharmaceuticals giant will exit Bangladesh ending its presence in the country that spans more than six decades.

The proposed transaction will be completed within the next three to nine months, said Beximco Pharma, one of the biggest drug-makers in Bangladesh, in a statement.

Beximco Pharma was the most traded stock till filing of this report with 4.81 million shares worth Tk 1.0 billion changing hands.

Following the previous week’s correction, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened on a positive trend this morning amid rising trading activities.

Within the first 30 minutes of trading, the DSEX advanced more than 9.0 points while the CSE All Share Price Index (CASPI) of port city’s bourse rose 10 points at 10:30 am when the report was filed.

DSEX, the prime index of the DSE, went up by 9.86 points or 0.16 per cent to stand at 5,846 points at 10:30 am.

Two other indices also saw a positive trend till then. The DS30 index, comprising blue chips gained 11 points to reach at 2,219 points and the Shariah Index (DSES) advanced 4.26 points to stand 1,298 points till then.

Market analysts said the investors’ confidence remained high as the country’s overall economy continued recovering in the post-Covid-19 phase.

Turnover, another important indicator of the market, stood at Tk 3.12 billion within 30 minutes of trading when the report was filed at 10:30 am.

Of the issues traded till then, 88 advanced, 118 declined and 87 remained unchanged on the DSE.

The Chittagong Stock Exchange (CSE) also saw a positive note with the CASPI gaining 10 points to stand at 17,032, also at 10:30 am.

Of the issues traded till then, 37 gained, 43 declined, and 19 issues remained unchanged with Tk 132 million in turnover.

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