Dhaka, Bangladesh (BBN)- Bangladesh’s stocks rebounded last week of the outgoing fiscal year (FY) year, snapping three weeks losing spell, as optimistic investors took position on large-cap stocks, riding on post-Eid optimism.
The week witnessed five trading sessions as usual. Of them first one saw marginal correction, while last four ended higher with increased turnover.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), crossed the ‘psychological’ threshold of 4500-mark and finished the week at 4,507.58, surging 126.12 points or 2.88 percent, from the previous week.
The DS30 index, comprising blue chips, advanced 56.44 points or 3.29 percent to settle at 1,770.82 points.
The DSE Shariah Index also rose 31.93 points or 2.96 percent to close at 1,110.84 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended higher with its Selective Categories Index, CSCX, surging by 205 points or 2.50 percent to settle at 8,396.64 points.
The total turnover for the week stood at BDT 19.70 billion, against BDT 16.19 billion in the week before.
The daily turnover averaged BDT 3.94 billion, registering an increase of 22 percent over the previous week’s average of BDT 3.24 billion.
International Leasing Securities, a stockbroker, said, “Stocks break three-week losing streak riding on expectation of post-Eid rally”.
The stockbroker noted that the government’s decision to reset the individual investment rebate also spurs the market sentiment, while some injected fresh fund in stocks to earn tax benefit in the closing of financial year.
“Surpassing the usual pre-Eid sale, market rallied as investors’ injected fund in the market to make tax benefit seeking investments,” said IDLC Investments, a merchant bank, in its weekly market analysis.
The merchant bank noted that the large-cap and mid-cap stocks appreciated in price with gaining 3.10 per cent and 2.70 per cent respectively, driving the overall market return.
Gainers took a strong lead over the losers as out of 328 issues traded, 240 closed higher, 61 closed lower and 27 remained unchanged on the DSE trading floor during the week.
Square Pharmaceuticals dominated the week’s turnover chart with 2.72 million shares worth BDT 715 million changing hands, followed by ACME Laboratories, Lafarge Surma Cement, Islami Bank and Olympic Accessories.
SEML Lecture Equity Management Fund was the week’s best performer, posting a rise of 30.39 percent, while Hamid Fabric was the worst loser, plunging by 8.76 percent.
BBN/SSR/BB