Dhaka stocks in the past week advanced for the fourth week as investors continued buying shares, especially those of banks and non-bank financial institutions.
Market operators said that investors turned their focus to banks and NBFIs as share prices of those companies had remained low for months.
DSEX, the key index of the Dhaka Stock Exchange, gained 2.31 per cent, or 126.4 points, over the past week to close at 5,606.02 points on May 6, the last trading session of the week
The DSEX gained 351 points in the last four weeks.
Before the four-week gains, the DSEX had lost 313.76 points in four weeks amid a fresh wave of Covid outbreak in the country.
The key index advanced in four out of five trading days in the week as investors continued buying shares amid the easing of coronavirus worries, market operators said.
They said that the infection and fatality rates from the pathogen had reduced in the recent days that allowed the government to ease the ongoing restrictions on public movement.
The government on May 3 extended the Covid restriction period to May 16, but allowed public transports to operate inside cities and districts beginning on May 6. The transaction hours at banks and stock exchanges were also extended by one hour.
EBL Securities in its market commentary said, ‘The easing of Covid restrictions, earnings surprise amid the pandemic and satisfactory dividend declarations strengthened the investors’ confidence in the past week. The investors’ positive engagement with the banking and financial sector stocks particularly uplifted the market.’
A surge in share prices of large capitalised companies like Renata, Prime Bank, IFIC Bank, City Bank, BRAC Bank and LankaBangla Finance contributed to the rally.
Share prices of Orion Pharmaceuticals soared by 6.5 per cent over the week as the media reported that the company had initiated a move to manufacture the Russian Covid vaccines in the country.
Average share prices of textile, mutual fund, bank and NBFI sectors soared by 9.4 per cent, 8.2 per cent, 5.6 per cent and 4.7 per cent respectively.
The daily average turnover on the DSE also advanced to Tk 1,361.53 crore in the past week compared with that of Tk 1,064.43 crore in the previous week.
Out of the 369 issues traded in the past week, 254 advanced, 69 declined and 48 remained unchanged.
DSE’s blue-chip index DS30 increased by 1.25 per cent, or 26.37 points, to finish at 2,137.3 points.
Shariah index DSES added 0.19 per cent, or 2.37 points, over the past week to close at 1,252.19 points.
BEXIMCO led the turnover chart in the past week with its shares worth Tk 855.73 crore changing hands.
LankaBangla Finance, LafargeHolcim Bangladesh, Beximco Pharmaceuticals, Robi Axiata, Provati Insurance, Maksons Spinning Mills, Bangladesh Finance and Investment Company and British American Tobacco were the other turnover leaders.
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