Dhaka stocks returned to the positive zone last week despite fall in turnover as investors bought shares following the government’s move to allocate special fund to bail
out the small-scale investors affected by the market crash.
DSEX, the benchmark index of the Dhaka Stock Exchange, gained 3.08 per cent, or 115.98 points, to finish at 3,878.07 points.
The old key index of the bourse, DGEN, finished at 4,100.51 points, advancing by 3.18 per cent or 126.36 points.
DS30, the blue-chip index of the DSE, gained 2.83 per cent, or 39.22 points, to finish at 1,426.75 points.
Average daily turnover of the bourse declined by 31.50 per cent to Tk 297.96 crore compared with the previous week’s Tk 435.00 crore.
Market operators said the Bangladesh Bank’s move to finance Tk 1,200 crore loan rescheduling scheme for small-scale investors made the investors active.
They said BB’s another move in last week relaxing some provisioning rules also made investors more positive about the market.
The sustainability of the upward trend at the market depends on the stability on the political front, they also said.
‘Budgetary expectations and regulatory relaxation driven optimism stayed as core driving force of the rally amid apparent eased up political frontier. Meanwhile, market friendly regulatory steps
put a thrust on participation, particularly in the last part of the week,’ IDLC Investments said in its weekly market commentary.
‘The upbeat vibe gathered further momentum over news of Bangladesh Bank’s approval of refinancing scheme for institutional participants. Optimism speeded up once more as investors anticipated positive news from press conference of Bangladesh Bank,’ it also said.
All the major sectors ended higher last week with non-bank financial institutions on the top of the list, advancing by 6.15 per cent in the week. Pharmaceuticals gained 3.97 per cent and telecommunications 3.63 per cent. Fuel and power and banks gained 2.59 per cent and 2.0 per cent respectively.
United Airways topped the turnover chart with its shares worth Tk 80.27 crore changing hands in the week. The other turnover leaders were Orion Pharma, BSCCL, Summit Purbanchol Power, Square Pharma, Aamra Technologies, Grameenphone, Beximco, Titas Gas and National Bank.
Second ICB Mutual Fund led the gainers’ list on the week as its share price increased by 31.31per cent.
Savar Refractories was the worst loser on the week as its share price declined by 15.96 per cent.
-With New Age input
