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Dhaka stocks started recovering from losses riding on the gaining streak in the last three trading sessions this week, thanks to investors who were injecting fresh funds in sector-specific issues that were trading at a lucrative price level after the recent bearish market.
Besides, the investors’ optimism regarding a quick resolution of the issue relating to stocks purchase before cheque encashment helped the market start recovering from the recent plunges.
The market, however, closed slightly lower with DSEX, the prime index of the Dhaka Stock Exchange (DSE), giving up 14.30 points, or 0.22 per cent, to settle the week at 6,378.
Among other indices, the DS30, the blue-chip index, suffered 11.84 points to 2,266 and the DSES, the Shariah-based index, fell 4.54 points to close at 1,402.
The average turnover of the DSE plummeted by 38.23 per cent to Tk 716 crore this week.
The pharmaceutical sector led the turnover chart with a contribution of 17.77 per cent to the total turnover.
The market performed five sessions this week.
The DSE opened the week with a loss of 0.75 per cent on Sunday and continued the bearish trend on the following day as well.
It, however, turned positive on Tuesday by gaining 0.32 per cent and upheld the trend on the following day with a gain of 0.26 per cent.
The market closed the week with a return of 0.53 per cent on Thursday.
The financial sector displayed mixed performances this week.
The general insurance sector was the top gainer with a gain of 1.79 per cent, followed by NBFI, and the mutual fund.
According to BRAC EPL’s market commentary, the bank sector suffered the most with a loss of 0.33 per cent, followed by life insurance (0.12 per cent).
Non-financial sectors posted mixed performances with fuel and power booking the highest gain of 0.40 per cent.
The food and allied sector faced the highest loss of 0.63 per cent, followed by pharmaceuticals (0.28 per cent), and engineering (0.17 per cent), BRAC EPL said.
The equity indices of the Dhaka Stock Exchange started to recover from the recent bearish trend in the last three sessions of the week as investors opted to take positions on some sector-specific issues that were trading at a lucrative price level, said EBL Securities, a stockbroker, in its weekly market review.
Investors also became optimistic regarding a quick resolution of the issue relating to stocks purchase before cheque encashment, it commented.
A section of investors, however, was still concerned due to the gloomy earnings forecasts of the listed companies, influenced further by the ongoing macroeconomic adversities, EBL Securities stated.
Out of the 397 issues traded, 71 advanced, 84 declined, and 229 did not see any price movement on the trading floor of the DSE this week.
Navana Pharma was the week’s top performer with a gain of 60.19 per cent while JMI Syringes was the week’s worst sufferer, giving up 19.5 per cent.
Earlier on October 2, the stock market regulator Bangladesh Securities and Exchange Commission (BSEC) asked stockbrokers not to buy shares with bank cheques before encashment.
The BSEC also asked the stock exchanges to take necessary measures in this regard in line with a circular issued on December 6, 2010.
Later on October 10, the bourses notified all stockbrokers and asked them to comply with the instruction.
Previously, clients were allowed to give bank cheques to stockbrokers to instantly buy shares even if their bank accounts did not have enough money at that moment.
