Dhaka stocks increased slightly in the past week, after a decrease in its indices in the previous week, as opportunistic investors bought shares of banks hoping to make profits amid renewed optimism after the year end closing.
However, overall investor sentiment remains subdued amid a lack of New Year optimism due to the volatile state of the market.
Market operators said that after many of the banks disclosing substantial growth, bargain hunters took advantage stocks that experienced significant corrections in the previous year.
They, however, said that investors remained observant of the market amid the continuous bearish vibe in the absence of any significant trigger for a recovery.
DSEX, the key index of the Dhaka Stock Exchange, increased by 15.17 points, or 0.29 per cent, in the past week to end at 5,199.62 points, after decreasing by 37.12 in the previous week.
The DSE operated on four sessions in the past week, and remained off on December 30 for the bank holiday. Among the four sessions, three witnessed increase in its key index, and one saw decrease.
According to market operators, the top banks saw their operating profits grow by more than 10 per cent in 2024 compared to last year, mainly due profits made from government securities.
General investors 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 Investment Corporation of Banladesh鈥檚 Tk 3,000 crore funds, which was being injected in the market, failed to spark any significant recovery trigger.
They added that the rising interest rates made fixed-income instruments more lucrative compared to the capital market return to the investors.
The daily average turnover on the DSE decreased in the past week to reach Tk 348.12 crore compared with that of Tk聽293.53 crore in the previous week.
Of the 396 issues traded in the past week, 164 increased, 182 decreased and 50 stayed the same.
EBL Securities in its weekly market commentary said, 鈥楥ertain stocks from the giant Bank sector remained resilient in the final trading day owing to positive expectations following the year-end closing.鈥�
The DS30 index increased by 3.69 points, or 0.19 per cent, to finish at 1,930.97 points.
The DSE Shariah index lost 11.54 points, or 0.99 per cent, to close at 1,155.10 points in the past week.
Orion Infusion Square Pharmaceuticals topped the average weekly turnover chart with shares worth Tk聽21.04 crore changing hands per session.
Robi Axiata, Bangladesh Shipping Corporation, City Bank, Pubali Bank, Fine Foods, Alif Industries, Sunlife Insurance, British American Tobacco Bangladesh, and Taufika Foods and Lovello Ice-cream were the other turnover leaders.