Stock market maintains gaining streak

The country’s stock market has strongly bounced back and maintained a gaining streak for the 4th consecutive week as investors relied on stocks, expecting higher return on June closing shares. Closing the first week after Eid holiday, the DSEX, the core index of the Dhaka Stock Exchange (DSE) increased by 203 points or 4 percent to settle at 5,236 in the last four weeks.

Market analysts said buoyant investors have again showed buying spree on sector-wise securities, especially on Pharmaceutical shares. They said the capital market has picked up an upward trend as investors mostly hold on June-closing shares during the week ahead of dividend declaration season. On the other hand, some investors also showed their buying spree throughout the week considering the latest quarterly earnings results, they added.

Economists said the government should build a strong stock market to ensure safety for investment. They hoped the government would give continuous support to help build a bullish market which is much essential to ensure the country’s development. The DSEX, the core index of the Dhaka Stock Exchange (DSE) increased by 35.43 points or 0.68 percent to settle at 5,236 in the last week.

However, the comprising blue chips index (DS30) rose by 12.26 points during the week to close at 1,850 on Thursday and Shariah index (DSES) increased by 14.63 points to finish at 1,206 in span of a week. The daily average turnover declined by 2.79 percent to Tk 4.60 billion during the week from Tk 4.74 billion in the previous week.

Besides, the total turnover declined on the DSE amounting to Tk 23.03 billion against Tk 23.69 billion in the week before. The gainers beat over the losers as out of 355 issues traded during the last week, 212 closed higher, 130 ended lower and 13 remained unchanged on the DSE floor. The market capitalization has rose by 0.47 percent to Tk 3,884 billion against Tk 3,866 billion on first working day of the week.

United Power dominated the turnover chart on the DSE’s floor with 4.08 million shares worth Tk 1.63 billion changing hands. Familytex was the week's best performer, posting a gain of 30 percent while Sunlife Insurance was the worst loser, losing 8.89 percent. Meanwhile, the Chittagong Stock Exchange (CSE) also saw positive trend during the last week with its selective category index (CSCX) gaining 74 points to close at 9,734 points.

On the other hand, the all share price index of the CSE (CASPI) was higher by almost 144 points during the week to close at 16,040 points. At the CSE, total 265 issues were traded during the week. Among them, 140 closed higher, 86 ended lower and 39 remained unchanged. However, the number of shares transacted on the floor of the CSE was 13,213,757 and the total turnover in value was Tk 40.97 crore during the last week.