Stocks bullish despite Omicron

Dhaka stocks rose for the fifth consecutive day yesterday as investors hope that the impact of Omicron variant of Covid-19 would not be as devastating as many previously thought.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), inched 33 points, or 0.47 per cent, to close at 7,089.

Among the major sectors, textile and tannery closed in the positive territory, while general insurance, cement and ceramics faced correction.

"Investors are buying stocks as they hope the market may go up further," said a stock broker.

"This hope will make them more confident and increase their appetite for stocks. This will ultimately push the market higher."

A positive momentum in the key index is prevailing despite the growing threat from Covid-19. At least 9,500 new infections were recorded and 12 people died from Covid-19 in the 24 hours till 8:00am yesterday, according to the Directorate General of Health Services.

On the premier bourse, 169 stocks advanced, 170 fell, and 40 remained the same.

Global Heavy Chemicals topped the gainers' list, rising 10 per cent. Union Insurance, Central Pharmaceutical, Desh Garments, and Shepherd Industries rose between 7.79 per cent and 9.77 per cent.

Beximco Ltd was the most traded stock worth Tk 177 crore. Fortune Shoes, Bangladesh Shipping Corporation, Saif Powertec, and ACI Ltd also witnessed heavy turnover.

Eastern Lubricants was the worst-performing issue on the day, dropping 12 per cent. Renwick Jajneswar, Samorita Hospital, Prime Islami Life Insurance, and Padma Islami Life Insurance were among the heavy losers.

Turnover on the Dhaka bourse rose 1.3 per cent to Tk 1,735 crore.

The Chittagong Stock Exchange also rose. The CASPI, the main index of the bourse in the port city, was up 92 points, or 0.44 per cent, at 20,751.

Of the securities, 133 rose, 131 fell and 42 remained unchanged.