Dhaka stocks saw an increase in its indices in the past week, after falling for two consecutive weeks, as a section of investors went for buying shares hoping for quick gains after recent market correction, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, increased by 104.5 points, or 1.83 per cent, in the past week to end at 5,804.42 points, after losing 203.92 points in the previous week.
Among four sessions the DSE operated in the past week, it gained in three sessions and lost in one.
The DSE remained closed on August 26 on the occasion of Janmashtami, one of the major religious festivals of the Hindus.
Market operators said that investors were regaining confidence amid reformation efforts taken by the Bangladesh Securities and Exchange Commission as well as overall economic reformation attempts in the country.
The regulator reshuffled duties of its existing two commissioners and executive directors recently.
The BSEC recently formed an investigation committee to look into activities of the Dhaka and Chattogram bourses.
Also, boards of some listed banks were getting reformed and measures were being taken against influential people, who were alleged to be involved in corruption and manipulation.
The total turnover on the DSE rose by 26.93 per cent in the past week, to reach Tk 3,170.18 crore, compared with that of Tk 3,122.05 in the previous week.
Market operators said that some investors were still worried about the economic indicators of the country. Of the 397 stocks traded in the past week, 293 went up, 86 went down and 18 stayed the same.
Investors were mostly active in bank scrips, followed by pharmaceutical and food shares.
EBL Securities in its weekly market commentary said, ‘Buyers continued their dominance across the trading floor owing to a slight rebound in investor sentiment, while some recent reformation attempts taken by the stock market regulator also worked as a catalyst to restore some investor confidence.’
‘Buyers remained on the dominant side as opportunistic investors sought to take positions in particular scrips, which they deemed lucrative at the prevailing price levels,’ it added.
The DSE Shariah index increased by 22.18 points, or 1.82 per cent, to close at 1,241.26 points in the past week.
The DS30 index gained a total of 34.12 points, or 1.63 per cent, to finish at 2,124.71 points.
British American Tobacco Bangladesh topped the average weekly turnover chart with shares worth Tk 69.57 crore changing hands per session.
Olympic Industries, Grameenphone, Renata, BRAC Bank, MJL Bangladesh, Square Pharmaceuticals, Midland Bank, Beximco Pharmaceuticals and Jamuna Bank were the other turnover leaders.