Stock market trades gradually on the rise as DSE continues recovery

DSE closes on 5,205 points, adding nine points to Wednesday’s index

The capital markets of the country are seeing rising trade since the Eid break with the Dhaka Stock Exchange (DSE) regaining lost ground after a slight downturn.

On Thursday, DSE, the largest share market in the country, ended the week on a high, with shares worth Tk 5.4 billion changing hands -- the highest level over the past month and a half. On Feb 25, the DSE traded Tk 6.07 billion.

The DSE closed on 5,205 points on Thursday, adding nine points to Wednesday’s index.

On Wednesday, stocks rebounded to gain 10 points after losing 34 points over the first three days since the Eid break.

The index saw ups and downs on Thursday morning, initially racking up 36 points over last day’s index in the first half hour.

Even after correction at 12:45pm, the upward trend sustained, but the conclusive correction brought the index to 5,205 points.

Despite the dip in the index, the uptrend persisted among listed companies.

Saiful Islam, director of DSE Brokers Association (DBA), said: “BIDA [Bangladesh Investment Development Authority] is holding a huge Investment Summit and that has a positive impact on investors. Investors at all levels are hoping that foreign investment will rise.

“For this reason, they are becoming interested in buying shares for. Another reason is the special bank fund of Tk 2 billion, which was set to expire, has been extended until December next year. Now the purchasing power of brokerage firms is rising and so is trade.”

On Sunday, shares worth Tk 4.15 billion changed hands. The amount was Tk 4.69 billion on Monday, and Tk 4.83 billion on Tuesday. The DSE registered trading worth Tk 5.27 billion on Wednesday.

According to DSE data, as many as 149 of 395 companies saw their share prices rise, while 168 companies saw a dip and 78 others remained unchanged.

Share prices of 77.60 percent of the companies involved in the apparel sector were up at the closing of the market.

Share prices rose for most companies from sectors including medicine and chemicals and insurance as well. The medicine and chemicals sector pulled ahead of all others with shares worth Tk 849.1 million changing hands, which is 16.96 percent of total trade, according to the DSE.

The apparel sector traded shares worth Tk 490 million while shares of Tk 436.1 million changed hands in the miscellaneous sector.

Eastern Cables, Heidelberg Cement, and Dragon Sweater topped the day in gains on the DSE in terms of closing prices.