Dhaka stocks witnessed a strong rebound in its indices in the past week, after a huge decrease in the previous week, as bargain hunters opted for beaten down scrips with hope for short term gains, market operators said.
They said that the news of Investment Corporation of Bangladesh getting the Tk聽3,000 crore loan installed hope among investors, and the ICB started injecting funds in the market, which supported the recovery.
DSEX, the key index of the Dhaka Stock Exchange, increased by 116.14 points, or 2.27 per cent, in the past week to end at 5,221.57 points.
Investors, however, were cautious as the Bangladesh Securities and Exchange Commission recently imposed huge amount of fines on several individual investors and entities on allegations of share price manipulation and violation of securities laws, the market operators said.
The investors remained observant of the market鈥檚 upbeat vibe in the absence of any major trigger for the market to bounce back from its current volatile state.
The daily average turnover on the DSE increased in the past week to reach Tk聽373.07 crore compared with that of Tk聽322.18 crore in the previous week.
Of the 397 issues traded in the past week, 172 increased, 168 decreased and 57 stayed the same.
Investors were mostly active in pharmaceutical scrips, followed by textile and bank shares.
EBL Securities in its weekly market commentary said, 鈥楤argain hunters showed buying interest in the beaten-down scrips since the market has undergone consecutive corrections last week, while somewhat reinstated optimism surrounding the ICB鈥檚 receival of the Tk聽3,000 crore sovereign-guaranteed loan aided significantly to the market鈥檚 recovery.鈥�
The DS30 index increased by 56.4 points, or 3.00 per cent, to finish at 1,938.30 points.
The DSE Shariah index lost 27.31 points, or 2.40 per cent, to close at 1,167.36 points in the past week.
Square Pharmaceuticals topped the average weekly turnover chart with shares worth Tk聽21.99 crore changing hands per session.
Orion Infusion, The ACME Laboratories, Bangladesh Shipping Corporation, Robi Axiata, Fine Foods, Grameenphone, Express Insurance, Oimex Electrode, and Saiham Cotton Mills were the other turnover leaders.
