Bullish sentiment rules DSE

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FE Report
Bullish sentiment ruled the Dhaka Stock Exchange (DSE) for the second straight week that ended Thursday amid increased participation of the investors.
The benchmark DSE General Index (DGEN) closed at 2955.63 with a gain of 41.10 points. The broader All Shares Price Index (DSI) edged up by 34.07 points to finish at 2475.39. The DSE-20 blue chip index lost 6.98 points to end at 2215.03.
The market started to recover from the last week when the investors' confidence had been restored because of good half yearly corporate results.
Gain in the benchmark index was mostly contributed by the companies with lower market capitalisation dominated by "paper" shares.
The market rose in every session except the second session when it fell on profit taking.
Most of the fundamentally strong shares did not move that much and trade volume was lower than their usual average, according to the Equity Partners Limited, an investment bank, in its weekly market analysis.
During the week, mutual funds or investment sector performed well as the sector gained more than 12 per cent with 44 per cent increase in turnover. This surge in mutual funds' price was fuelled by the court hearing on mutual fund case starting from Wednesday last
Market is expecting that after the hearing mutual funds will be able to declare stock dividend which is very much popular among the retail investors, said the EPL.
The banking sector struggled to make headway in the week because mixed half yearly results and a couple of bad news like excess liquidity and rise in non-performing loan (NPL) level had a negative impact on the sector.
In the energy sector the oil companies had the better week as stock prices of the companies were up by 8.4 per cent.
IT sector rose more than 4.5 per cent on the news that internet service provider (ISP) companies were going to have IP telephony licences which would increase their revenue and eventually their bottom line figure.
The average daily turnover of the week stood at Tk 6.43 billion, an increase of 29.76 per cent up from previous week's Tk 4.95 billion, indicating that fundamental investors were collecting undervalued stock as overall market seemed very much unaware of their potential gain.
Recently, market was driven by the day traders, which had a negative impact on fundamentally strong shares; but the turnover increased significantly, which was a positive indication.
Out of 301 issues traded during the week, 182 gained, 64 declined and 55 were not traded.
Bextex was the top turnover leader with shares worth Tk 2.70 billion traded, accounting for 8.39 per cent of the total turnover of Tk 32.18 billion.
After remaining top turnover leader for the second straight week, Beximco came second with shares worth Tk 1.89 billion changing hands.
The other turnover leaders were Jamuna Oil, AIMS First Mutual Fund, Titas Gas, Meghna Petroleum, Summit Power, Grameen One Scheme Two Mutual Fund and AB Bank.
Country's pioneer apparel maker Desh Garments was the week's top gainer posting a rise of 64.54 per cent in its share price.
Standard Ceramic, Kohinoor Chemicals, Fine Foods, Islamic Finance, Hakkani Pulp and Paper, Savar Refractories, AIMS First Mutual Fund and Asia Pacific General Insurance were the other major gainers.
Gemini Sea Food, BLTC, Popular Life Insurance, Apex Tannery, Jute Spinners, Sonali Aansh, Kay and Que, and Northern General Insurance Company, IFIC Bank and Second ICB were the top losers during the week.