The stock market has hit new highs, with market cap peaking last week, while overvalued stocks remain a concern.
The market capitalization on the Dhaka Stock Exchange (DSE) hit a record high of 509,937 crore Tk on Thursday. Likewise, DSE’s daily average revenue rose about 19% to Tk 2,438 crore for the week, the second highest since the 2010 peak, according to market data.
However, tensions remain on some insurance stocks which have seen their value increase significantly, or even triple, in recent months, according to market analysts.
The big news is that people are investing now, but they have to invest in fundamental stocks, they said. Among all sectors, textiles grew the most 10.2 percent last week.
“Thanks to the prolonged downtrend in the market, textile stocks were at a lucrative level. So investors believe the sector will perform well after the pandemic,” said a senior official at an asset management company. . “In addition, cotton prices have increased in recent months, so those with a good stock of material will see good profits,” he added.
Cotton traded on average at $ 0.60 per kilogram during the June-December period in 2020, while it then fell between $ 0.95 and $ 1.7 in March of this year, according to data from the Bangladesh Textiles Mills Association.
The banking sector, however, experienced a 5 percent correction after a one-week uptrend.
“But it’s normal,” he said.
Investor participation is currently very high, so that turnover, an important indicator of the market, is fluctuating at the level of Tk 2,500 crore.
“The market is doing well but some stocks which have risen abnormally are the only cause for concern,” said Sharif Anwar Hossain, president of the DSE Broker’s Association (DBA).
Investors should be careful and invest in fundamental stocks so that they do not have any problems investing in overvalued stocks.
“To save their own money, investors will need to analyze and make the right decisions,” Hossain added.
Institutional investors are pumping money into the stock market because of low interest rates in the banking sector.
People also have more confidence in the new commission, which encouraged them to buy stocks.
When the market goes up, many people regain their confidence.
“So some generalist investors are also coming into the market and are now seeing the index rise,” one broker said.
The DSEX, the benchmark for the DSE, reached 6,066.64 points at the end of last week.
The index has crossed and hovers at the 6,000 level since 2017, DSE data showed.
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