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Dhaka stocks ended at a record high throughout last week as investors kept their confidence in the bourse, setting several new records in the history of stock market.
DSEX, the benchmark index of Dhaka Stock Exchange, successively surpassed all the previous records and stood at the highest level of 6,596 points in the week as investors continued buying spree which led the market to bullish trend.
In the weekend, the key index went up by 170.82 points or 2.66 per cent to 6,595 points while average turnover increased by 63.99 per cent to Tk 2,338 crore.
The market capitalisation of the bourse hit a fresh all-time high at Tk 5,44,326 crore on Thursday, which was Tk 5,37,870 crore on Monday, the opening day of last week.
Market insiders said that investors' buying rush continued expecting better returns from the bullish market against the low bank deposit rates. As a result, market participation took an upturn last week and the average turnover advanced by 63.99 per cent.
Engineering sector dominated the weekly turnover chart covering 15.47 per cent of total turnover. Among major sectors, ceramics, paper and printing and textile sectors experienced price appreciation while general insurance, telecom and life insurance sectors faced correction.
Market stakeholders said that news of mass vaccination program and new stimulus packages for the low-income people also tempted the investors to keep afloat in the market despite virus worries.
Moreover, HSBC recently said the Bangladesh stock market deserves more attention as it holds opportunities for investors looking for diversification and hidden gems and projects 6.2 per cent growth for Bangladesh in FY22 amid mass vaccination, remittance inflow, and a rise in exports of readymade garments, they said.
On the other hand, some investors have reshuffled their portfolios based on the latest quarterly earnings disclosures and to book dividend income from shares and units, they added.
International Leasing Securities in its weekly market commentary said that the bargain hunters showed their buying appetite especially on bank and financial institution sector issues based on the good latest quarterly earnings disclosures due to higher operating income, lower provisioning and bullish capital market.
Apart from these two, the opportunist investors have taken positions in almost all the major sector stocks riding on the announcement of another expansionary monetary policy for the fiscal year 2021-22 by the central bank, it said.
Among the major sectors – engineering (6.3 per cent), textile (5.3 per cent) and pharma (3.3 per cent) sectors gained price while general insurance (-2.2 per cent), telecom (- 1.2 per cent) and life insurance (-0.1 per cent) sector witnessed price correction during this week.
Point-to-point estimates revealed that last week, DSES, the Shariah based index and DS30, the blue chips index, added 38.3 points and 58 points respectively to their previous week’s indices.
Out of the 381 issues traded, 283 advanced, 83 declined, and 11 remained unchanged on Dhaka bourse in the week.
BEXIMCO, Orion Pharma, SAIF Powertec, GPH Ispat, IFIC Bank, Fu-Wang Ceramic Industries, SS Steel Limited, Malek Spinning Mills, Maksons Spinning Mills and Beximco Pharmaceuticals Ltd led the weekly turnover chart in Dhaka stock market.
Weekly top ten gainer companies are – Metro Spinning, Gemini Sea Food, Simtex Industries, Premier Leasing, Golden Harvest Agro, CVO Petrochemical Refinery, Nahee Aluminum Composite Panel, Appollo Ispat Complex, Pacific Denims and Orion Pharma Ltd.
On the other hand, top ten loser companies are – Prime Insurance, Asian Tiger Sandhani Life Growth Fund, Bangladesh National Insurance Company, Provati Insurance Company, Phoenix Finance and Investments, Peoples Insurance Company, Global Insurance, Shyampur Sugar Mills, Popular Life Insurance and Purabi Gen. Insurance Company Ltd.
The port city bourse, Chittagong Stock Exchange (CSE) also registered gaining streak. CSCX and CASPI both advanced by 323.1 and 552.9 points respectively in the weekend.
Out of the total 340 issues traded, 269 advanced, 59 fell, and 12 remained unchanged on the CSE.
