Stocks in green as market reopens tomorrow

Stocks posted heavy gains last week with the prime index witnessing highest ever weekly gains since its inception in 2013.

DSEX, the key index of the Dhaka Stock Exchange, gained 364 points or 8.8 percent during the week.  

CASPI, the benchmark index of the Chittagong Stock Exchange advanced 1,144 points or 9.1 percent over the week to close at 13,744 points.

On Sunday, the record gain in the indices was the result of the prime minister's instruction to the finance ministry and the securities regulator to take measures to revitalise the capital market.

Moreover, the finance ministry has proposed the Bangladesh Bank to make policies to disburse a soft loan of Tk10,000 crore to the stock intermediaries from fiscal budget.

The central bank has also assured that it will support the capital market not only by injecting funds but also by reforming policies.

Investors remained optimistic following the positive news and displayed a buying spree earlier in the week.

However, during the middle of the week, the market witnessed a marginal correction as many investors kept liquidating their holdings to make quick profits due to prior price appreciation.

The stocks then regained their positive momentum in the last two days of the week as investors showed their buying appetite in sector-specific shares.

Consequently, the DSEX gained 106 points in the last two sessions and closed at 4,514 points.

All the sectors have showed upward movements during the week with financial institutions topping the weekly sector return board with a massive 21 percent price appreciation.

Among the other large-cap sectors, telecom advanced 13 percent, pharmaceuticals gained 8.2 percent and banks gained 6.2 percent over the week.

The Lafarge Holcim Bangladesh Ltd was the most traded stock of the week with a closing price of Tk44.8 per share. It exhibited a weekly gain of 15.8 percent, and its weekly turnover value was Tk133.3 crore, according to the DSE website.

Investment Corporation of Bangladesh topped the weekly gainers' table by gaining 41.1 percent, closing at Tk90.3 per share. SS Steel, on the other hand, was the week's worst loser by dropping 15.6 percent and closing at Tk13.5 per share.  

Meanwhile, four of the directors of Square Pharma, one director of Makson Spinning Mills, and one director of Malek Spinning Mills have expressed their intentions to buy shares of their respective companies at prevailing market prices through DSE and CSE.

The Grameenphone was the stock with the week's highest market capitalisation. Analysts told The Business Standard that the investors have taken the recent change of the company's CEO positively.