Stocks to reopen week amid trade optimism
Average turnover stood at Tk519.3 crore, a substantial increase of 16.9 percent from the previous week
Stocks closed in the positive zone last week, as investors showed a buying appetite after the Bangladesh Bank's announcement to support the capital market with a special fund.
DSEX, the key index of the Dhaka Stock Exchange, advanced 176 points during the week.
CASPI, the benchmark index of the Chittagong Stock Exchange, gained 361 points over the week to close at 13,903.
The DSEX witnessed two negative sessions at the opening of the week but ended up with three consecutive positive sessions during the last days of the week.
During the first two sessions of the week, bourses remained downbeat as investors were disposing off their holdings from sector specific shares.
Moreover, the Daily Market Review of EBL Securities Ltd showed that substandard macroeconomic factors and obscure government moves in the money market worsened the confidence of the investors during the opening sessions of the week.
This negative movement, however, did not sustain, thanks to the announcement of liquidity support by the central bank.
Stocks that are eligible for receiving investments from banks and other intermediaries as per the special fund directives became lucrative.
In addition, the Financial Reporting Council's recent regulations on share money deposits to be converted to paid up on six months, also helped in boosting investors' confidence.
According to the Weekly Market Review of EBL Securities Ltd, investors cheered up after the declaration of Bangladesh Bank special fund and engaged in massive trade amid optimism that took the average turnover at Tk519.3 crore, a substantial increase of 16.9 percent from the previous week.
Most sectors exhibited positive movements during the week, with paper gaining the highest 14.8 percent while jute shedding the highest 5.5 percent in the weekly sector return board.
Among large-cap sectors, financial institutions gained 9.9 percent, banks 2.1 percent and pharmaceuticals 1.6 percent over the week.
On the other hand, telecom registered a price correction of 0.7 percent in the weekly sector return board.
Lafarge Holcim Bangladesh was the most traded stock of the week with a closing price of Tk48.5 per share. It exhibited a weekly gain of 4.1 percent, and its weekly turnover was Tk126.5 crore, according to the DSE website.
Orion Pharma topped the weekly gainers' table by gaining 35 percent, closing at Tk37.5 per share. Shyampur Sugar Mills, on the other hand, was the week's worst loser by dropping 12.3 percent and closing at Tk30 per share.