The country’s stock market made a strong comeback witnessing a robust growth last week.
Breaking the record of seven years, the biggest single-week gain in DSEX, the prime index of Dhaka Stock Exchange (DSE) rose by 364 points or 8.77 percent to settle at 4,513 points, after hitting a 56-month low.
Market analysts said the country’s stock markets made a U-turn from its continuous declining trend last week as prices of almost all securities increased.
They said share market rallied in the past week amid bargain hunting by investors, who found share prices lucrative at both the bourses following price correction.
They said Stocks have come back as the government has recently taken some good measures to prepare the ground quite well to bring back investors’ confidence in the market.
They further said, the government gave instructions to encourage good companies, including local as well as multinational ones, which will be very effective to undertake a drive to develop a long-term financing capital market.
Eminent economist and market expert Prof Abu Ahmed told The Bangladesh Post, “The government should create a report bank to monitor the directives which is ordered to ensure timely measures to rebound capital market.”
A meeting of policymakers in presence of Prime Minister Sheikh Hasina at her office on January 16 made six-point proposals, emphasising an increase in fund flow to the market.
DSEX, the prime index of the DSE increased by 364 points or 8.77 percent to settle at 4,513 points, it was also the biggest single-week gain of DSEX in seven years since 2013.
Meanwhile, the comprising blue chips index (DS30) rose by 136.83 points during the week to settle at 1,543 on Thursday and Shariah index (DSES) increased 95 points to finish at 1,035 in the span of a week.
The daily average turnover increased by 71 percent to 4.53 billion during the week from 2.64 billion in the previous week.
Besides, the total turnover rose on the DSE amounting to Tk22.65 billion against Tk13.20 billion in the week before.
The gainers beat over the losers as out of 358 issues traded during the last week, 328 closed higher, 23 ended lower and 23 remained unchanged on the DSE floor.
The market cap has increased by 8.05 percent to Tk 3,450 billion on Thursday against Tk 3,193 billion on first working day of the week.
LafargeHocim Bangladesh dominated the turnover chart on the DSE’s floor with 31.33 million shares worth Tk 1330 million changing hands.
It was followed by Square Pharmaceuticals, SS Steel, Khulna Power Company and Grameenphone.
Investment Corporation Of Bangladesh was the week's best performer, posting a gain of 41 percent while SS Steel was the worst loser, shedding 15.63 percent.
Meanwhile, the Chittagong Stock Exchange (CSE) also saw positive trend during the last week with its selective category index (CSCX) gaining 703 points to close at 8,208 points.
On the other hand, the all share price index of the CSE (CASPI) was higher by almost 1,144 points during the week to close at 13744.36 points.