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The stock market witnessed a steady trend in the week ended Thursday amid a positive sentiment among the investors, especially the institutional investors.
Trading in the week was disrupted by one and a half trading sessions due to a half-day hartal on August 15 and a public holiday on August 16 on the occasion of Janmastami, a Hindu religious festival.
Pre-election investment spree among the institutional investors continued as the daily average turnover rose by 6.10 per cent to Tk 573.15 million from Tk 540.19 million on the Dhaka Stock Exchange (DSE). The total turnover, however, declined by 15.12 per cent in the week to Tk 2292.63 million from Tk 2700 million due to the strike and holiday.
Both DSE General Index or DGEN and DS-20 shed 0.35 points and 0.74 points respectively in the week against the previous week. All Share Price Index or DSI gained by 1.67 point.
DGEN and DSE-20 indices slipped to 1568.79 and 1442.76 respectively while DSI rose to 1244.03.
Sources in the DSE said the institutional investors returned to the stock market with a fresh fund considering the better political scenario of the country in near future.
"The present political stability indicates that the next election will be held in early next year and the political situation will remain calm over the next three years even if the polls change the government. This sentiment has boosted the investors' confidence in the stock market," a DSE source said.
The top ten turnover leaders in the week were Dhaka Electric Supply Company Ltd (DESCO), Summit Power, Jamuna Bank, Padma Textiles, Pubali Bank, Lafarge Surma Cement, S Alam Steels, Beximco Pharma and United Commercial Bank Ltd.
DESCO, the state-owned power company topped the list of volume leaders for the eighth consecutive week with 791,850 shares worth Tk 287.34 million, accounting for 12.53 per cent of the total market turnover. The company registered a 29.39 per cent rise in price in the week over that of the previous week.
Prices of the DESCO shares closed at Tk 385.25 on Thursday, the last trading day in the week.
City Bank, Pubali Bank, Padma Textile and Beximco Ltd were the second, third, fourth and fifth top companies respectively on the basis of price rise.
Of them, City Bank registered 24.54 per cent, Pubali Bank 23.80 per cent, Padma Textile 23.62 per cent and Beximco Ltd 19.70 per cent rise against the previous week.
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