Home ›› 11 Mar 2023 ›› Stock
Stocks remained upbeat for the second consecutive week as investor optimism began to rebound across the trading floor due mainly to the price floor restriction by the securities regulator to contain the further price fall in the market.
The stock regulator Bangladesh Securities and Exchange Commission (BSEC) recently reimposed floor price mechanism for 169 scrips which provided a safeguard against the risk of significant capital erosion, bolstering investor confidence to inject fresh funds into equities.
Besides, the prolonged market correction, according to analysts, created lucrative investment opportunities, enticing bargain hunters to take fresh bets in sector-specific issues.
The DSEX, the benchmark index of the Dhaka Stock Exchange, the prime bourse, surged 46.4 points or 0.7 per cent to settle at 6,260 points this week.
Among other indices, the DS30, the blue-chip index gained 10.68 points or 0.48 per cent to close at 2,226, and the DSES, the Shariah-based index, rose 5.04 points or 0.37 per cent to finish the week at 1,362.
The Investor participation in the market grew up significantly this week, with the average turnover of the premier bourse rising by over 80 per cent compared to that in the previous week.
The DSE turnover averaged out at Tk 646 crore this week against the average turnover tally Tk 358 crore in the previous week.
The market performed four sessions this week, with the DSE starting the week on a positive note on Sunday.
The market remained positive in the following two trading sessions. The capital bourse, however, closed lower on Thursday.
The market remained closed on Wednesday due to a government holiday.
Investors were mostly concentrated on the IT sector, followed by the life insurance and the food.
Financial sectors posted mixed performance this week, with the general insurance booking the highest gain of 3.38 per cent, followed by life insurance (2.82 per cent), and bank (0.10 per cent).
On the other hand, the NBFI faced the highest correction of 0.11 per cent, followed by the mutual fund (0.05 per cent).
Meanwhile, the non-financial sectors also posted mixed performance this week, with the fuel & power booking the highest gain of 0.45 per cent, followed by food & allied (0.25 per cent), and engineering (0.03 per cent).
On the contrary, the pharmaceutical witnessed the highest loss, followed by the telecommunication.
Legacy Footwear Ltd topped the gainer list with a return of 22.3 per cent this week, while Union Capital Ltd was the week’s top sufferer with a loss of 16.6 per cent.
