Stocks return to black after profit taking

Stocks rose yesterday as investors began the new year by betting the economy could overcome the latest surge in coronavirus cases.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), climbed 61 points, or 0.88 per cent, to 6,994.

With that, the market index returned to a rising trend just after a single profit booking session. In the previous six days, the benchmark index rose 256 points.

Investors hope the market will not be too affected by the pandemic as the omicron variant of Covid-19 has not turned as deadly as expected, according to a stockbroker.

"So, they were buying stocks," he said, adding that some people remain cautious though.

At the DSE, 178 stocks advanced, 158 declined, and 41 remained the same.

Turnover at the DSE grew 1 per cent to Tk 1,487 crore.

Popular Life Insurance topped the gainers list, soaring 10 per cent, followed by Fareast Islami Life Insurance, Rangpur Foundry, Bangladesh Shipping Corporation, and Information Services Network.

Dacca Dyeing shed the most, losing 6 per ,cent followed by Aftab Automobiles, Taufika Foods and Lovello Ice-cream, KDS Accessories and Sonali Paper.

Power Grid topped the turnover list with trade worth Tk 101 crore followed by Beximco Ltd, Bangladesh Shipping Corporation, Bangladesh Submarine Cable Company, and Fortune Shoes.

The Chittagong Stock Exchange (CSE) also returned to the green on Monday. The CASPI, the main index of the port city bourse, surged 166 points, or 0.81 per cent, to 20,477.

Among 305 traded stocks, 140 rose, 127 fell and 38 remained unchanged.