Dhaka stocks gained slightly last week amid higher turnover as bargain hunters went on buying shares in cheap rate after massive fall of prices in the previous two weeks.
DSEX, the benchmark general index of Dhaka Stock Exchange, gained 2.34 per cent or 82.17 points, to close at 3,590.03 points.The previous benchmark index of Dhaka bourse, DGEN, gained 1.73 per cent or 63.32 points, to close at 3,720.36 points.
The DSEX lost 348 points and DGEN lost 208 points in the last two weeks.
The blue-chip index of the bourse, DS30, inched up 0.85 per cent or 11.09 points.
Average daily turnover of the bourse increased by 10.85 per cent to Tk 161.40 crore from that of Tk 145.61 crore in the week before.
Market operators said a section of investors became active in buying shares last week as prices of most of the shares were low following the freefall of share prices in the previous two week.
They said the move by the stock market regulator to revive inactive margin loan accounts also helped investors hold their nerve in the falling market.
The Bangladesh Securities and Exchange Commission on Tuesday allowed margin account holders, who were barred from share trading due to a huge fall in share prices, to trade until September 30.
The BSEC made the decision in a bid to break the stagnancy on the capital market following the Dhaka Stock Exchange’s proposal.
Market insiders say the move will help the retail investors reshuffle their portfolio and also make intuitional investors vibrant who are under huge pressure for bad debt.
‘Institutions who disbursed excessive loan were under huge pressure as they get no return due to market downtrend. They also could not force the shares due to investors and regulators negative sentiment about forced selling,’ said a stockbroker.
He said the move might heal the market situation for a short time as the institutional investors were out of trading floor because of the political unrest in the country for last two months.
Of the 288 traded issues last week, 249 advanced, 34 declined and 5 remained unchanged.
Most of the sectors returned to positive zone last week except telecommunications and food and allied.
Among the major sectors, mutual fund gained the most 9.92 per cent, textile 5.32 per cent, and insurance 3.47 per cent.
Non-bank financial institutions, banks, power and pharmaceuticals gained 3.47 per cent, 2.09 per cent, 1.37 per cent and 0.98 per cent respectively.
Orion Pharma topped the week’s turnover chart with shares worth Tk 43.31 crore changing hands.
The other turnover leaders were United Airways, Premier Cement, Unique Hotel, RN Spinning Mills, Summit Purbanchol Power Company, Beximco, Global Heavy Chemicals, Generation Next Fashion and Square Pharma.
-With New Age input
