DSE WEEKLY REVIEW
Stocks pass bullish week with sharp turnover rise
Dhaka stocks advanced last week amid volatile trading with a sharp increase in the turnover as investors’ confidence continued to rise on the government’s positive moves about the market and a better situation on the political front. The benchmark general index of the DSE, DSEX, gained 3.29 per cent, or 134.12 points, to finish at 4,213.92 points on Thursday.The DSEX in the earlier week had gained 51.68 points, while the DGEN lost 1.08 points.
The old key index of the bourse, DGEN, closed at 4,429.63 points, gaining 3.02 per cent or 129.97 points.
DS30, the blue chip index of the bourse, gained 3.15 per cent, or 47.41 points, to finish at 1,553 points.
The daily average turnover of the Dhaka Stock Exchange increased to Tk 848.37 crore, which was 46.47 per cent more than the earlier week’s 579.23 crore.
The total turnover of the week increased to Tk 4,241.89 crore from Tk 2,896.15 crore.
The bourse’s turnover hit Tk 1,072.26 crore in the fourth session, the highest within the last nine months.
Market operators said the finance ministry’s decision to approve the Bangladesh Bank’s Tk 900 crore refinancing scheme for the stock market last week boosted the investors’ confidence following the earlier week’s budgetary incentives.
The visit of a two-member JP Morgan delegation to explore investment potentials in the bourse also made the investors optimistic, they said.
‘Beside the positive moves from the government, the situation on the political front also made the investors hopeful about the market, even if it’s for a short run,’ said a stockbroker.
The investors also warmly welcomed the newly elected board of the bourse, which was reflected in Sunday’s 99.87-point rise in the DSEX, he said.
‘This week observed the impact of investors’ confidence over different expectations regarding capital market. During the week, investors’ active participation, rebalancing among the fundamentally strong scrip and profit taking were widely observed,’ IDLC Investments said in its weekly market commentary.
Of the 296 issues traded on the week, 160 advanced, 119 declined and 16 remained unchanged.
Bangladesh Submarine Cable Company was the most traded issue of the week as its shares worth Tk 212.71 crore changed hands. While Unique Hotel and Resorts, Summit Purbanchol Power Company, United Airways, Orion Pharma, Meghna Petroleum and RN Spinning Mills were the other popular stocks of the week.
NLI First Mutual Fund led the gainers’ list as its share prices increased by 27.72 per cent.
RN Spinning Mills lost the most in the week, 11.11 per cent.
-With New Age input
