The benchmark equity index bounced back amid volatility in the outgoing week, returning to an uptrend after a single-week correction, as bargain hunters put fresh bets on hyped-up insurance stocks in anticipation of short-term gains.
As smart investors continued their chase after general insurance shares, this week's top ten gainers' chart comprises six insurers.
Crystal Insurance, Republic Insurance, Trust Islami Life Insurance, Desh General Insurance, United Insurance and Karnaphuli Insurance dominated the gainers' list.
Investors are turning to insurance shares in hopes of higher returns from low investments, said a stockbroker.
Most investors rushed to snap up hyped-up insurance stocks as the sectors recently exerted substantial gains, while cautious investors opted to book profit on selective stocks as they anticipated a probable shift in market momentum, he said.
The investors' optimism remained centered on the insurance stocks that continued to dominate the turnover board, capturing more than 43 per cent of the week's total turnover.
Besides, some rumour-based small-cap stocks saw price appreciation, with Imam Button, Shyampur Sugar Mills, Khan Brothers, Sea Pearl Beach Resorts and BDCOM Online soaring between 23.6 per cent and 11 per cent during the week.
This week featured five trading days. Of them, two sessions posted gains while three others suffered losses amid profit-booking tendency among the cautious investors.
DSEX, the broad index of Dhaka Stocks Exchange (DSE), finally settled the week 7.71 points or 0.12 per cent higher at 6,309.74, after losing 5.05 points in the week before.
Two other indices also ended higher. The DS30 Index, which consists of blue-chip companies, rose 11.53 points to close at 2,134 and the DSES index, which represents Shariah-based companies, fell 8.61 points to 1,360.
According to a weekly market review of EBL Securities, the market returned to green riding on the investors' buying binge on the hyped-up insurance stocks along with particular sector-specific issues that experienced sharp corrections recently.
However, investors preferred to realize their gains on sector specific stocks from the recent rallies as they anticipated a probable shift in market momentum owing to shaky confidence regarding the strength of the market trend, reads the market review.
Investors' participation also increased significantly during the week as turnover, the crucial indicator of the market; stood at Tk 40.05 billion in total, up from Tk 28.64 billion in the week before.
The average daily turnover stood at Tk 8.0 billion in the outgoing week, which was 40 per cent higher than the previous week's average of Tk 5.72 billion.
The majority of the traded issues remained stuck at floor price as 381 issues traded, 216 remained unchanged, 92 advanced and 73 declined on the DSE trading floor.
Small-cap Fu-Wang Food, which lost 2.65 per cent, kept its dominance in the weekly turnover chart with shares worth Tk 1.26 billion changing hands.
Crystal Insurance was the week's top gainer for the two consecutive weeks, rising 33.43 per cent further while Metro Spinning was the worst loser, shedding 23.16 per cent.
Sectors displayed mixed performance with travel & leisure saw the highest gain of 4.5 per cent while the jute sector suffered the highest loss of 0.60 per cent.
The Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index (CASPI) rising 38 points to settle at 18,664 while the Selective Categories Index (CSCX) gained 22 points to 11,158.
Of the issues traded, 71 advanced, 55 declined and 141 issues remained unchanged on the CSE.
The port city's bourse traded 15.53 million shares and mutual fund units with turnover value worth Tk 786 million.
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