Dhaka stocks rose for the second consecutive week, as bargain hunters went for low-priced scrips after the recent corrections in share prices, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, increased by 111.28 points, or 2.12 per cent in the past week, to end at 5,355.41 points on June 27.
The weekly turnover on the Dhaka bourse also witnessed a sharp spike, by 48.87 per cent to Tk聽2,802.13 crore in the past week.
Over the past 19 weeks, the market has risen only five weeks, including the past two weeks and has fallen in the other 14 weeks.
Market operators said that the market saw a rise as prices of most of the shares reached at its lowest point due to the recent correction on the market.
Buyers took the chance to make profits from the low-priced shares and injected new funds into the market, they said.
Before the past two weeks, the market witnessed a prolonged bearish vibe as investors were concerned over the budget measures related to the capital market and increasing economic concerns, including the continued decline in the country鈥檚 foreign exchange reserves.
Of the 396 stocks traded past week, 300 went up, 64 went down, and 32 stayed the same.
Investors were mostly active in pharmaceutical scrips, followed by food and textile shares.
EBL Securities in its weekly market commentary said, 鈥楾he benchmark index of the capital bourse retraced from its bearish headwinds past week, crossing the psychological threshold of 5,300 points after one month, as investors preferred to take positions on certain blue-chip scrips that became extremely cheaper due to sharp corrections.鈥�
Buyers were in the dominant position throughout the week, while the approval of the third tranche of the IMF loan and the opportunity to avail tax rebates from secondary market investments worked as major catalysts and led the benchmark index to settle in positive territory after a prolonged bearish run, it added.
The DSE Shariah index increased by 37.46 points, or 3.27 per cent, to close at 1,183.52 points in the past week.
The DS30 index lost 47.09 points, or 2.51 per cent, to finish at 1,922.57 points.
Unilever Consumer Care topped the average weekly turnover chart with shares worth Tk聽48.44 crore daily changing hands.
Renata, Rupali Life Insurance, Capitec Grameen Bank Growth Fund, Sea Pearl Beach Resort & Spa, British American Tobacco Bangladesh, City General Insurance, Beach Hatchery, Alif Industries and Square Pharmaceuticals were the other turnover leaders.
