Stocks rise for second week


Average daily turnover jumps 47% on the stock market premium

Stocks posted a second week of gains as investors began to pull back to join the market rally on optimism that the economic outlook will improve in the coming days.

Of the five trading days this week, four sessions closed higher, thanks to greater participation from retail investors.

DSEX, the key index of the Dhaka Stock Exchange (DSE), climbed 113.64 points or 1.82% to settle for the week at 6,355.07. The DSEX has jumped 206 points in total over the past two consecutive weeks.

Market operators said the shares remained afloat as investors poured new funds into the sector’s top stocks amid growing market confidence.

The gradual stability of the country’s exchange rate and the decision to import fuel oil from Russia have boosted investor morale, an investment banker said.

Shares ended higher as investors’ worries about the pessimistic future outlook for the economy eased slightly, EBL Securities said in its weekly market review.

The stockbroker noted that the market had a major bull run as investors poured in new funds, indicating growing confidence in the market.

The stock market remained bullish amid enthusiastic participation as investors are more confident and eager to make new bets anticipating positive momentum, International Leasing Securities said.

In addition, Bangladesh plans to import Russian oil which will reduce fuel prices as well as inflation in the country, the stockbroker said.

“All the measures taken have encouraged investors to remain active on the trading floor,” the stockbroker said.

Total turnover for the week stood at 69.34 billion taka on the main exchange compared to 28.39 billion taka the previous week with only three trading days.

Daily turnover averaged 13.86 billion taka, up 47% from the previous week’s average of 9.46 billion taka.

The textile sector dominated the turnover chart, capturing 17% of total turnover for the week, followed by pharmaceuticals (14%) and miscellaneous (12%).

Two other DSE indices also ended higher this week. The DS30 index, made up of blue-chip companies, rose 47.03 points to close at 2,267.35 and the DSES index advanced 24.23 points to end at 1,390.61.

All major sectors posted gains. Non-banking financial institutions recorded the highest gain of 6.33%, followed by pharmacy with 2.29%, electricity with 1.05%, food with 0.83%, banking 0.53%, engineering 0.50% and telecommunications 0.18%.

The winners took a strong lead over the losers, as of 389 issues traded, 191 closed higher, 114 lower and 84 remained unchanged on the DSE floor.

Beximco became the most traded stock of the week with shares worth Tk 4.77 billion, followed by Orion Pharma (Tk 3.46 billion), Bangladesh Spinning Corporation (Tk 1.84 billion). Tk), LafargeHolcim (1.79 billion Tk) and Delta Life Insurance (1.68 billion Tk). ).

Orion Infusion was the week’s biggest gainer, rising 50.89%, while Bangladesh Industrial Finance Company was the day’s worst loser, losing 16.81%.

The Chittagong Stock Exchange (CSE) also extended the streak of gains with the CSE All Share Price Index (CASPI) up 273 points to 18,643 and its Selective Categories Index (CSCX) up 167 points to close the week at 11,172.

Of the issues traded, 165 advanced, 103 declined and 83 remained unchanged on the CSE floor.

The port city stock exchange traded 57.76 million shares and mutual fund units with a turnover of 1.68 billion taka.

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