Dhaka stocks advanced marginally in the past week to extend the gains for the fifth consecutive week amid cautious trading by the investors.

DSEX, the key index of the Dhaka Stock Exchange, gained 0.29 per cent, or 11.83 points, to close at 4,080.94 points on the last trading session on Thursday.

The DSEX gained 120 points in the past five weeks.

The market witnessed gains in most sessions of the week as a quarter of investors kept up with the bargain hunting amid some optimism.

Share prices of almost all the companies hit rock bottom which provoked the investors to buy some shares.

Bangladesh Securities and Exchange Commission chairman Shibli Rubayat-Ul-Islam assured that the floor price ceiling would not be lifted until the market became stable that waned concerns over the issue.

Gradual reopening of the economy and floor price restriction were driving the investors to take fresh positions on the market.

The insurance sector continued gaining after the stock market regulator asked 61 directors of 22 companies to comply with the mandatory 2 per cent shareholding rules. Most defaulting directors are from the sector.

General insurance, telecommunication, textile and pharmaceutical sectors advanced 5 per cent, 2.8 per cent, 2.2 per cent and 1.3 per cent respectively.

Many investors, however, remained concerned as a number of companies declared weak financial results for the April-June period due mainly to the global coronavirus outbreak.

Ringshine Textiles, Heidelberg Cement and RAK Ceramics incurred losses in the second quarter (April-June) against profits declared in the same period of the previous year.

The coronavirus cases in the country continued to surge every day that kept hammering the economy.

The pathogen killed 2,801 people and infected 2,16,110 others across the country until Thursday.

EBL Securities in its weekly market commentary said, ‘During this week, the index displayed volatility due to profit booking selloff attempts by risk averse investors while, some investors took fresh positions at lowest possible prices ahead of monetary policy announcement by the central bank.’

Out of the 360 issues traded last week, 136 advanced, 52 declined and 169 remained unchanged.

Daily average turnover on the DSE dropped to Tk 247.56 crore in the past week compared to the turnover of Tk 301.6 crore in the previous week.

Shariah index of the bourse DSES also added 0.06 per cent, or 0.61 points, over the week to close at 946.42 points.

DS30, the blue-chip index of the DSE, gained 0.43 per cent or 5.83 points and closed at 1,374.59 points.

Grameenphone led the turnover chart with shares worth Tk 53.33 crore changing hands in the past week.

Square Pharmaceuticals, Beximco Pharmaceuticals, Pioneer Insurance Company, Nahee Aluminium, the Bangladesh Submarine Cable Company, Indo-Bangla Pharmaceuticals, Beacon Pharmaceuticals, Fine Foods and Sonar Bangla Insurance were the other turnover leaders.