Stocks rebounded strongly in the outgoing week, snapping a six-week losing streak, as optimistic investors showed their buying interest on lucrative issues.
Week-on-week, the DSEX, the core index of the Dhaka Stock Exchange (DSE), went up by 99.39 points or 1.84 per cent to settle at 5,515, after wiping out more than 493 points in the past six consecutive weeks.
Two other indices also soared with the DS30 index, comprising blue chips, surged 46.89 points to finish at 2,112 and the DSE Shariah Index rose 22.72 points to close at 1,248.
Market operators said bargain hunters showed their buying interest on selective stocks which saw massive price erosion in the past few weeks.
The news of remittance increased 33.51 per cent year-on-year in the first eight months of this fiscal year, foreign exchange reserve surpassed $44 billion mark for the first time in its history and capital base of the country's banks improved marginally in 2020 tempted the bargain hunters to take positions, commented International Leasing Securities.
The stockbroker noted that the recent volatile market sent the share prices of around 100 companies to their floor price level, which also prompted some investors to take positions at lucrative price level.
According to EBL Securities, the bargain hunters showed their appetite on sector-wise stocks riding on the news that the merchant bankers sought reconsideration from the central bank regarding non-bank financial institutions dividend declaration policy.
The weekly total turnover on the prime bourse also jumped to Tk 35.95 billion, climbing by 54 per cent over the previous week's Tk 23.35 billion in the week before as last week saw five trading sessions.
The daily turnover averaged out at Tk 7.19 billion, which was 23 per cent higher than the previous week's average of Tk 5.83 billion.
Block trade contributed 3.40 per cent to the total weekly turnover where stocks like Beximco Pharma (Tk 290 million), Berger Paints (Tk 153 million), Beacon Pharma (Tk 130 million), Renata (Tk 105 million) and Square Pharma (Tk 80 million) dominated the block trade board.
Major sectors posted gain with food & allied saw the highest return of 5.90 per cent, followed by IT with 5.8 per cent, telecom 3.5 per cent, pharma 2.1 per cent, banking 1.8 per cent and power 0.7 per cent.
Gainer took a modest lead over the losers as out of 367 issues traded, 199 advanced, 100 declined and 68 remained unchanged on the DSE trading floor during the week.
The market capitalisation of the DSE rose 1.31 per cent to Tk 4,730 billion on Thursday, up from Tk 4,669 billion in the week before.
Beximco - the flagship company of Beximco Group - continued to dominate the weekly turnover chart with 67.19 million shares worth over Tk 5.63 billion changing hands.
Robi Axiata was the second highest turnover leader with shares worth Tk 2.76 billion changing hands during the week, followed by British American Tobacco Bangladesh, Beximco Pharma and LankaBangla Finance.
Newly-listed eGeneration was the week's best performer, posting a rise of 59.51 per cent while BATBC was the week's worst loser, losing 63.54 per cent following its price adjustment after record date during the week.
The tobacco manufacturing company declared a 600 per cent cash dividend and 200 per cent stock dividend for the year ended on December 31, 2020.
BATBC, the third largest market-cap stock, adjusted opening price was Tk 518 each on Thursday. It was also new floor price of BATBC.
The port city's bourse, Chittagong Stock Exchange (CSE), also rebounded with its CSE All Share Price Index - CASPI - soaring 326 points to settle at 15,976 and the Selective Categories Index - CSCX - rising 192 points to finish the week at 9,633.
Of the issues traded, 168 advanced, 62 declined and 74 remained unchanged on the CSE.
The port city's bourse traded 57.06 million shares and mutual fund units with turnover value of Tk 2.06 billion during the week.
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