Dhaka, Bangladesh (BBN) – The Dhaka Stock Exchange (DSE) turned around during the last two sessions of the week, as confidence grew among investors following the prime minister’s initiatives to bring back stability in the stock market.

The optimistic investors went for fresh buying Wednesday and Thursday, as they saw ray of light at the end of dark tunnel, following Prime Minister Sheikh Hasina’s meeting with the stock market stakeholders, market operators said.

The PM called an emergency meeting with the stakeholders at Gonobhaban in the capital Dhaka on Wednesday night to discuss the stock market situation in the wake of free fall of share prices for a number of sessions.

In the last week, first three sessions declined sharply, losing 560 points. The DSE General Index (DGEN) sank below 5,000-point mark and came down to two-year low Monday.  However, the market gained 517 points in the week’s last two sessions.

The small investors took to the streets on the first four days of the week to protest free fall of share prices and demanding restoration of normalcy in the stock market. They also demanded the PM’s direct intervention to prop the sagging market.

During the week, the DGEN shed 42.01 points or 0.81 per cent to close at 5,166.96. The broader All Shares Price Index (DSI) shed 33.16 points or 0.76 per cent to close at 4,321.57.

However, the DSE-20 Index comprising blue-chip shares advanced 21.28 points or 0.55 per cent to close at 3,893.04.

The DSE turnover improved slightly on the week, as Thursday’s turnover value stood at BDT 4.2 billion. The total turnover value stood at BDT 14.8 billion in the week against BDT 13.5 billion in the previous week.

The average daily turnover value was BDT 3.0 billion, up by 9.7 percent compared to the previous week’s average daily turnover value of BDT 2.7 billion.

The market capitalization was BDT 2,593.06 billion on the opening day of the week, and at the end of the week it stood at BDT 2,578.81 billion, a 0.50 percent lower.

Among the sectors, banks advanced 0.88 per cent this week, mutual funds 2.23 percent, and food and allied sectors 0.73 percent.

On the other hand, non-banking financial institutions (NBFIs), general insurance and life insurance retraced 2.76 percent, 4.55 per cent and 2.56 percent respectively.

Telecommunications sector closed flat, while fuel and power, cement, and pharmaceuticals retraced 1.65 percent, 1.48 percent and 0.39 percent respectively.

BBN/SSR/AD-19Nov11-1:17 pm (BST)