Stocks extended rally for the four consecutive weeks as investors continued their buying interest on major sector issues riding on the news of relaxed lockdown and new stimulus packages.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), surpassed the 6,300-mark on last trading day of the week after more than 42-month as buying binge added strength to the equity indices despite virus worries.
The week featured four trading days like previous week as the market remain closed on July 11 (Sunday) in line with the banks. Of them, first session edged lower while last three ended higher.
Week-on-week, DSEX, the prime index of the DSE, went up by 94.59 points or 1.52 per cent to settle at 6,307, the highest in more than 42 months since January 3, 2018, when DSEX was 6,318. DSEX added 255 points in the past four consecutive weeks.
The DSEX is just 30 points away from its all-time high of 6,336 points recorded on November 26, 2017 since its inception. DSEX was introduced in more than eight years back on January 27, 2013, replacing the then key index -- DGEN.
The market capitalisation of the DSE also hit a fresh all-time high at Tk 5,252 billion on Thursday, surpassing the previous high of Tk 5,219 billion recorded just two days back.
The value of listed securities with the country's premier bourse rose by Tk 625 billion within three months, when investors started pouring their money into the market.
Market experts said the core index holds its firm position at above 6,000 points marks as buying support added strength to the equity indices despite worries over virus-infused shock to the country's economy.
Stocks remained bullish amid growing investors' confidence driven by various market supportive reforms, new stimulus packages coupled with earnings surprises of some listed firms despite the pandemic, said a merchant banker.
Formation of market stabilisation fund, removal of the floor price restriction and budgetary measures continued to prompt investors to put fresh stake in stocks, said a leading broker.
He said the general investors and high nets worth individual investors are putting fresh funds into the market targeting capital gains as the deposit rate is very low in the banks.
© 2024 - All Rights with The Financial Express
