DGEN, the benchmark general index of Dhaka Stock Exchange, advanced by 82.70 points, or 1.26 per cent, to 6,660.98 points in last week, stretching the current bull run to five straight weeks.
The turnover of the bourse hit a six-month high on Wednesday, only to break the record by rising further to a seven-and-a-half-month peak the very next day. Yet, the average daily turnover of the DSE crawled down by 0.63 per cent to Tk 1,552.20 crore in last week from that of Tk 1,562 crore in the previous week, which posted a 44.53 per cent week-on-week rise.
Market operators said the 140 per cent interim cash dividend declared by Grameenphone and the government's planned move to double the paid-up capital requirement for non-banking financial institutions were the two factors that dominated the bull market last week.
Market insiders said the one-month-plus bull run seemed to have helped the investors regain confidence in the equities market, which, in turn, prompted them to inject fresh funds into it. Investment of undisclosed money in stocks might also have started in the week, they added.
They said some banks also made large-scale investments as Bangladesh Bank had extended the deadline for bringing their capital market exposure within the limit.
There were four trading sessions in last week on the DSE as Monday was a public holiday on the occasion of the Shab-e-Barat.
On Sunday, the bull market took a break after eight straight days of gain, with the DGEN shedding 91.69 points, or 1.39 per cent, following a remark of the finance minister, AMA Muhith, in which he expressed his dissatisfaction at the relentless price hike of stocks. A section of investors also went for profit-taking sell-off on the day after the eight-day surge. The day's turnover tumbled by Tk 526 crore to Tk 1,157.06 crore.
The bourse made a strong rebound on Tuesday, with the DGEN soaring by 100.99 points, or 1.55 per cent, riding on a sharp rise of the share prices of two giant companies – Grameen-phone and MJLBD. The turnover on the day also jumped to Tk 1,387.54 crore from Sunday's Tk 1,157.06 crore.
On Wednesday, the turnover of the country's premier bourse shot up to Tk 1,765.12 crore, a six-month high, as some institutional investors went for heavy buying, although the general index managed to gain only 31.51 points, a 0.47 per cent rise.
The next day, the turnover of the DSE soared further to Tk 1,899.09 crore, creating a seven-and-a-half-month record as the investors continued to inject fresh funds into the market, while the DGEN advanced by 41.88 points, or 0.63 per cent, to close the day at a five-and-a-half-month high of 6,660.97 points. The last time the index reached a higher level was on February 9 at 6,673.40 points.
Grameenphone topped the list of turnover leaders of the week with shares worth Tk 221.72 crore changing hands, following its hefty half-yearly corporate disclosure.
Soruce : New Age
