Stocks look up on bullish sentiments
Stocks continued to gain for the second week, as investors went on a buying spree anticipating an upward trend after the Eid holidays.
DGEN, market-tracking index of the Dhaka Stock Exchange, finished the week at 4,256.32 points, after surging 114.09 points or 2.75 percent.
“Investors went on a buying spree anticipating a bull-run as institutional investors became active in injecting fresh funds into the market,” said Ahmed Rashid, senior vice president of DSE.
Economic indicators suggest a favourable environment for making long-term investments in the market, Rashid said.
Long-term investment of institutional investors will be helpful to gain confidence by small investors, he said.
Investors should not pay head to rumour as it may lead them on to blunders, he suggested.
“A stable money market coupled with the end of Ramadan inspired investors to make fresh investments in the market,” IDLC Investments said in its weekly market analysis.
Thanks to the new base year of 2005-06 taking effect this fiscal year, inflation in July, which stood at 8.03 percent with the old base year of 1995-96, fell to 5.21 percent livening investor mood.
The market will reopen on August 26.
Compared to the previous week, average daily turnover lost 26.81 percent to Tk 339 crore.
Out of 274 issues traded that traded on the DSE, 130 advanced and 133 declined. A total of 11 securities remained unchanged.
Among the major sectors, non-
bank financial institutions rose 4.51 percent, followed by power 2.70 percent, banks 0.26 percent and pharmaceuticals 0.22 percent.
Telecom was down by 0.65 percent.
Meghna Petroleum featured in the top traded stocks chart with 27.91 lakh shares worth Tk 62.07 crore changing hands.
Unique Hotel and Resorts was the biggest gainer of the week, posting a 17.68 percent increase. ICB AMCL First Mutual Fund was the worst loser of the week, plunging by 18.55 percent.
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