Stock Markets Show Upward Trending on the First Day of New Fiscal Year

On the first working day of the new fiscal year, the country's stock market has been trading through the upward trend of the index. Shares of banks and financial institutions traded in a mixed trend on the day, but shares of various companies in the textile sector showed surprise. Of the 57 listed companies in the sector, 57 have seen their share prices rise.

On the other hand, out of 51 companies in the insurance sector, shares of 39 companies declined, while only 10 companies increased. Shares of the two companies were also not traded. In other words, after a four-day holiday in the wake of the lockdown announced by the government, on Monday (July 5), on the day of despair in the shares of the insurance sector, the shares of the textile sector gave profit to the investors.

Market participants say that the opportunity to launder undisclosed money, ie black money, has been included in the budget for the fiscal year 2021-22. The long-dormant Tk 20,000 crore fund will soon be invested in the capital market. Besides, many new buyers are coming to Bangladesh from textile companies leaving Myanmar. The country's capital market has risen after hearing this news.

The market analysis showed that most of the companies in the sector, including bank-insurance and financial institutions, started the day with rising prices. In the first half-hour of the three-hour transaction, the main index of the country's main capital market Dhaka Stock Exchange (DSE) increased by 73 points. Then suddenly the investors of the insurance company started selling the shares. The index began to rise. Which continued until the end of the day.

At the end of the day, the main index of DSE has increased by 69 points over the previous day. On the other hand, the Chattogram Stock Exchange (CSE) index rose 240 points. Along with the index, the share prices and transactions of most companies have also increased. As a result, the capital market rose on the first working day of the 2021-22 financial year.