Investors in relief as stocks shine before Eid

Dhaka stocks closed higher this week as buoyant investors continued pouring funds into selective scrips following the ongoing corporate declarations.

Investors remained optimistic with regard to financial performance of listed companies owing to the ease of adversities on the macroeconomic front, encouraging them to put fresh funds into equities.

The market, however, also experienced some sell pressure from investors needing to withdraw cash before the Eid holiday, according to stockbrokers.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), advanced 13.5 points or 0.2% to settle at 6,229 points at the end of the week.

Among other indices, the DS30, the blue-chip index, gained 0.92 points or 0.04 per cent to close at 2,202, and the DSES, the Shariah-based index, added 1.89 points or 0.14 per cent to stand at 1,349.

Turnover, another crucial market indicator, averaged out at Tk 491 crore this week, which was 9.9 per cent higher than Tk 447 crore in the previous week, according to EBL Securities, a stockbroker.

The market performed three sessions during this week, with the market started on a positive note of 0.02 per cent on Sunday.

Further, the market remained positive on Monday with a gain of 0.11 per cent, and it closed on a positive note of 0.09 per cent on Tuesday.

Investors were mostly concentrated on the food and allied sector, with the sector topping the DSE turnover chart with a contribution of 18.3 per cent, followed by IT (17.2 per cent), and travel (10.0 per cent).

Unique Hotel & Resorts PLC was the week’s most traded stock with Tk 107.8 crore worth of shares changing hands, followed by Gemini Sea Food Ltd, and aamra networks limited.

Most sectors ended in green this week, with the travel posting the highest gain of 2.3 per cent, while the services faced the highest correction of 2.3 per cent, as per EBL Securities’ weekly market review.

According to the Brac EPL, financial sectors posted mixed performance this week, with the life insurance booking the highest gain of 1.37 per cent, followed by general insurance (0.40 per cent).

On the other hand, the bank experienced the highest loss of 0.13 per cent, followed by NBFI (0.01 per cent).

National Tea Company Limited topped the DSE’s gainer chart, followed by Navana Pharmaceuticals Limited, Metro Spinning Ltd, National Feed Mill Limited, and Gemini Sea Food Ltd.

On the other hand, Midland Bank Limited was week’s worst sufferer, followed by Beach Hatchery Ltd, Eastern Housing Limited, Legacy Footwear Ltd, and Jute Spinners Ltd.