Stocks gained for a third week as the general index of Dhaka Stock Exchange hit a three-month high following the news of undisclosed funds flowing into the capital market.
The benchmark general index, DGEN, gained 3.18 percent or 194 points, to end the week at 6,311. The yardstick of DSE gained 9.27 percent or 535 points in the last three weeks.
Turnover rose 35.0 percent to Tk 5,403 crore on the DSE from a week earlier. Turnover soared to Tk 1,348 crore on Thursday, which is a four-month high.
The market opened on a positive note on the first day of the week but retraced on Monday. Later, the market rebounded in the last three sessions of the week despite a 48-hour countrywide downslide. In the last three sessions of the week, the market recovered 187.36 points.
Investors went for fresh buying following the directive of the National Board of Revenue that investors of undisclosed money will have to keep the invested capital in the stockmarket for a minimum two years.
The hope that much liquidity would flow into the market also kept the market cheerful, a market analyst said.
The cement sector advanced 3.32 percent as Lafarge Surma Cement went up 7.7 percent. Lafarge gained following the news that they received the green light from the Indian Supreme Court to mine limestone in Meghalaya.
The Indian Supreme Court had banned Lafarge from mining in Meghalaya in February 2010 for environmental reasons.
The banking sector gained 4.9 percent, non-bank financial institutions 2.7 percent and pharmaceuticals 2.2 percent.
Grameenphone, which represents the telecoms sector, gained 2.4 percent, while the mutual fund was last week’s biggest gainer, posting a 7.29 percent rise.
The general insurance and life insurance also advanced 3.4 percent and 1.1 percent respectively.
Beximco topped the turnover leaders of the week with the value of Tk 139 crore changing hands.
First Security Islami Bank was the biggest gainer of the day, posting 20.1 percent rise, while the Modern Dyeing and Screen Printing was the worst loser, slumping by 7.5 percent.
-With The Daily Star input
