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Weekly Market Review

Stocks end higher on ease of economic worries

Staff Correspondent
21 Jan 2023 00:00:00 | Update: 21 Jan 2023 00:26:14
Stocks end higher on ease of economic worries

Dhaka stocks remained upbeat for the second week in a row as optimistic investors continued to pour fresh funds into lucrative scrips in hope of gain amid growing confidence backed by the ease of macroeconomic pressures.

The DSEX, the key index of the Dhaka Stock Exchange (DSE), the premier bourse, surged 50.39 points or 0.81 per cent this week to close at 6,265.

Among other indices, the DS30, the blue-chip index, advanced 9.56 points to 2,208, and the DSES, the Shariah-based index, added 10.15 points to settle at 1,367.

The average turnover of the prime bourse jumped by 81.51 per cent to Tk 770 crore this week owing to the growing participation of investors in the market.

The IT sector topped the turnover chart with a contribution of 18.10 per cent to the total turnover of the DSE.

The week started on a positive note on Sunday due to the continuation of a buying spree on sector-specific issues those were expected to be somewhat immune to earnings volatility caused by recent macroeconomic adversities, said EBL Securities, a stockbroker, in its weekly market review.

Meanwhile, the recent news of the possibility of a future fund inflow of around Tk 60 billion through the easing of banks’ capital market exposure provided support to uphold the

momentum, it added.

The market, however, witnessed a major setback from the upward rally owing to cautious investors’ reaction to a staggering hike in fuel and energy prices for industrial and commercial sectors, EBL Securities stated.

The market performed five sessions this week with the DSE starting on a positive note on Sunday.

It turned negative on Monday.

But the market again turned positive on Tuesday but failed to sustain the momentum on the following day.

Finally, the market closed on a positive note on Thursday.

All the financial sectors posted positive performance this week with the general insurance booking the highest gain of 7.82 per cent, followed by life insurance (2.18 per cent), bank (0.30 per cent), mutual fund (0.11 per cent), and NBFI (0.06 per cent), according to Brac EPL’s weekly market commentary.

Out of the 400 issues traded, 114 securities advanced, 68 stocks declined, and 207 scrips remained unchanged on the Dhaka bourse in the week.

Pragati Insurance was the week’s top gainer with a rise of 24.6 per cent, while Libra Infusions was the week’s worst loser with a loss of 4.8 per cent.

The port city’s stock exchange, Chittagong Stock Exchange (CSE), also closed higher this week with its key index CSCX rising by 0.67 per cent to 11072.