Dhaka stocks advanced last week, four weeks in a row, with a sharp increase in the turnover because of an increased participation of foreign investors.
The daily average turnover of Dhaka Stock Exchange increased to Tk 696.79 crore from that of Tk 474.32 crore in the previous week. Market operators said that an increased participation of foreign investors on the trading floor was the key reason for the sharp increase in the turnover.
Some state-owned entities were also active to keep the indices afloat which attracted retail investors, they said.
A rumour that the Bangladesh Bank might extend another year for banks and brokers for keeping provisions against unrealised losses boosted investors’ sentiment, they said.
On Wednesday, the DSE turnover hit its four-month high at Tk 889 crore.
DSEX, the benchmark general index of the DSE, advanced to 4,395.94 points on Thursday, adding 3.64 per cent or 154.40 points in last week.
The DSEX on Wednesday reached its highest at 4,439.59 points since its launch on January 28 this year.
DS30, the blue-chip index of the bourse, advanced by 6.70 per cent, or 97 points, in last week to close at 1,543.99 points.
The DSEX and the DS30 gained 486.79 points and 157.56 points respectively in the last four weeks.
‘This week endogenous market variables neutralised political woes and dominated market sentiment with promises of return,’ IDLC Investments said in its market commentary.
‘In addition, hope of sedation in political turmoil and discounting of probable post election business turnaround created strong investment incentive,’ it said.
Backed by strong weekly total turnover of Tk 4,000 crore, that was 69 per cent higher from that of last week, the DSEX accumulated about 200 points in the first four sessions, followed by a natural adjustment of 44 points in the final session, it added.
Of the 296 shares and mutual funds traded last week, 230 advanced, 51 declined and 15 remained unchanged.
Generation Next Fashions led the turnover leaders in the week with its shares worth Tk 157.67 crore changing hands.
Meghna Petroleum, Grameenphone, RN Spinning Mills, Square Pharma, United Commercial Bank, BEXIMCO, Padma Oil, Paramount Textile and Jamuna oil were also among the top turnover leaders.
Bangladesh Building Systems gained the most with a 54.74-per cent rise in its share price, while Delta Life Insurance lost the most, shedding 24.09 per cent.
-With New Age input
