DSE WEEKLY REVIEW
Dhaka stocks rebound sharply after June closing
Dhaka stocks returned to positive zone last week with an increased turnover as investors went for buying after the profit-making spree in the previous week amid June closing.
DSEX, the benchmark general index of Dhaka Stock Exchange, gained 2.92 per cent, or 121.26 points, to close at 4,270.43 points.The previous benchmark index of the bourse, DGEN, gained 2.64 per cent, or 116.84 points, to close at 4,542.32 points.
The DSE blue-chip index, DS30, gained 3.05 per cent, or 47.22 points, to close at 1,594.77 points.
Average daily turnover of the bourse increased by 17.14 per cent to Tk 762.28 crore from the previous week’s Tk 650.73 crore.
‘Participation started to rebound this week over investors’ increased confidence as the investors were relieved over generalised system of preferences concern in Europe,’ commented IDLC Investments in its weekly market analysis.
The week observed the impact of investors’ response over different issues relating to capital market like GSP, foreign portfolio investments and other macroeconomic issues, the IDLC Investments said.
Market operators said several positive news boosted inventors confidence in last week including that the Bangladesh Bank would release Tk 300 crore for the stock market refinancing scheme in this week.
They said the foreign investors were also active in the market as the net foreign investment hit record high in June at Tk 336 crore.
The ongoing stability in the political front also made investors hopeful for a short period of time, they said.
‘Most of the investors are predicting that the market will remain upbeat during upcoming Ramadan,’ said a stockbroker.
As the government is offering various incentives for the stock market, the market is going well with increasing turnover, he said.
‘Some investors, however, fear that the political scenario will heat up after Eid-ul-Fitr,’ he said.
All the major sectors gained sharply last week except banks that lost 1.36 per cent over the week following June closing concern.
Non-bank financial institutions gained 5.45 per cent, pharmaceutical 4.51 per cent and power gained 4.40 per cent in last week.
Bangladesh Submarine Cable Company was the week’s most traded stocks with shares worth Tk 144.39 crore changing hands.
The week’s other turnover leaders were Meghna Petroleum, Unique Hotel, Summit Purbanchol Power Company, Titas Gas, Jamuna Oil, Olympic Industries, Aftab Automobiles and Square Pharma.
-With New Age input
