DSE market cap hits an all-time high

The Daily Star  December 29, 2020

Trading of Rahima Food to resume today

Star Business Report

Market capitalisation of Dhaka Stock Exchange (DSE) stood at an all-time high at Tk 441,828 crore yesterday thanks to increased investor participation.

The value of listed securities with the country’s premier bourse rose Tk 51,849 crore, or 13 per cent, over the past month, when investors started pouring their money into the market.

Investors started coming back to the stock market in the last few months since many stocks have become lucrative amid the pandemic driven index fall, said a portfolio manager of a top asset management company.

Many well performing companies’ stocks plunged to low levels in March but they have the potential to grow despite the ongoing crisis, he said.

On March 18, the DSEX, the benchmark index of the DSE, plummeted to 3,603 points, which was the lowest point of the index since its inception in January 2013, shows the DSE data.

The listing of well performing companies in the stock market also contributed to the increase in market capitalisation, he added.

Robi Axiata got listed with the stock market on Thursday and raised a fund of Tk 523 crore. Its market capitalisation is Tk 11,785 crore. Similarly, Walton Hi-Tech Industries raised Tk 100 crore and the market value of the company’s shares is Tk 31,495 crore, shows the DSE data.

Meanwhile, the DSE approved a resumption in trading shares of Rahima Food Corporation at the main board of the DSE, which will begin today under A category, the DSE informed through its website yesterday.

The company was delisted in 2018 due to a shutdown of its operations in 2013. The company later resumed its operations and applied to get re-listed.

The reference floor price will be the floor price of the company that traded at the Chattogram Stock Exchange, which is Tk 175.4, said the DSE. The DSEX rose 15.73 points, or 0.29 per cent, to 5,344 yesterday. It was the highest level of the index after July 7, 2019.

Turnover, an important indicator of the market, dropped 11.96 per cent to Tk 1,346 crore yesterday.

BD Finance topped the gainers’ list with a 10 per cent increase followed by Eastern Cables, BD Lamps, Robi Axiata and Golden Harvest.

Beximco was the most traded stock with Tk 130 crore worth of shares changing hands followed by IFIC Bank, Beximco Pharmaceuticals, LankaBangla Finance and Square Pharmaceuticals.

Of the total 361 traded companies, 157 advanced, 143 declined and 61 remained unchanged.

Mozaffar Hossain Spinning Mills shed the most, losing 6.79 per cent yesterday, followed by GQ Ball Pen, Pragati Insurance, Aramit Cement and Bangladesh Industrial Finance Company.

The port city bourse also rose yesterday. The benchmark index of the Chittagong Stock Exchange, the CSCX, rose 29.5 points, or 0.31 per cent, to stand at 9,292.

Of the 292 traded stocks, 132 rose, 117 fell and 43 remained unchanged.

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