Stocks rely on instt support

Stocks have relied on a winning note in the last two straight weeks as institutional investors have held their position, pushing the market up. Market analysts said, stocks went up due to investors’ taking position amid lucrative share price coupled with central bank's market-supportive move to encourage investors to put in fresh fund.

Besides, foreign investors showed buying spree on sector-wise share, pushing market up, they mentioned. On the other hand, earnings per share (EPS) of most listed banks increased in the first half of 2019 to encourage investors to inject fresh funds into the market, they said. Earlier, a number of worried investors staged protests in front of the Dhaka Stock Exchange building protesting the inaction of the authorities concerned to stop the free fall.

However, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 36.48 points or 0.71 percent to 5,169 last week. Meanwhile, the blue chips index (DS30) also rose by 2.31 points during the week to close at 1,838 on Thursday, while the Shariah Index (DSES) dropped 18.46 points to finish at 1,192 in the span of one week.

The market capitalisation of the DSE increased by 0.45 percent to Tk 3,861 billion against Tk 3,844 billion on the first working day of the week. The daily average turnover stood at Tk 4.40 billion, which was 10.2 percent higher than the previous week's average of Tk 3.99 billion. The total turnover on the DSE reached Tk 22.01 billion, up by 10.2 percent from Tk 19.98 billion the week before.

The losers beat the gainers as out of 354 issues traded, 182 closed lower, 154 higher and 18 remained unchanged on the DSE floor. Fortune Shoes Limited dominated the DSE floor and topped the week's turnover chart. Market data showed that 22.77 million shares of Fortune Shoes were traded on the floor of the Dhaka Stock Exchange during the week and its market value stood at almost Tk 944 million in the week.

It was followed by United Power, Bangladesh Shipping Corporation, Monno Ceramic Industries, Square Pharmaceuticals and Beacon Pharmaceuticals. Monno Ceramic was the week's best performer, witnessing a gain of 51.06 percent while Vanguard AML Rupali Bank Balanced Fund was the week's worst loser, slumping by 37.38 percent.

On the other hand, the port city bourse, the Chattogram Stock Exchange (CSE) also saw positive trend during the last week with its selective category index (CSCX) higher 53 points to close at 9,604. All-Share Price Index (CASPI) of the CSE was higher by almost 85 points on Thursday, to close at 15,798. At the CSE, a total of 318 issues were traded. Among them, 156 closed higher, 141 ended lower and 21 remained unchanged. However, the number of shares transacted on the floor of the CSE was 36.41 million and the total turnover in value was Tk 957.45 million during the last week.