Beacon Pharma pulls stocks up

Dhaka stocks managed to gain on Sunday, driven by Beacon Pharmaceuticals and Orion Pharma.

The market jumped at open as the benchmark DSEX index added more than 50 points within the first fifteen minutes of the session.

Later, the subsequent selling pressures on the major scrips erased the entire gains seen in the early session. However, late buying on selected pharma stocks helped the index close in green.

At close, the DSEX rose 20 points to settle at 6,535, extending its rally for the second straight session. It hit the intra-day high of 6,570 and low of 6,531.

Two junior indices also ended in the positive territory. The blue-chip index DS30 was up 17 points or 0.73 per cent to 2,363 while the DSES index, which represents Shariah-based companies, added 6 points or 0.42 per cent to 1,435.

Beacon Pharmaceuticals played a significant role to help rally the market as it added almost 20 points to the DSEX, followed by Orion Pharma that added more than 20 points.

“The equity indices of the Dhaka bourse managed to stay afloat in the first session of the week along with increased participation as bargain hunters continued their buying appetite for sector-specific stocks while others were engaged in partial liquidation of their holdings,” said the EBL Securities in its post-market commentary.

As both the sellers and buyers remained active in the market, the turnover increased 46 per cent to stand at over Tk 1,813 crore over the previous session backed by pharma & chemical stocks that accounted for more than 28 per cent of the total turnover.