Dhaka, Bangladesh (BBN)-The stocks market extended the gaining streak for the third week straight that ended Thursday with turnover improved slightly as investors focused on micro-cap and large-cap stocks.
Week-on-week, the prime index of the Dhaka Stock Exchange (DSEX), went up by 33.54 points or 0.72 percent to close the week at five-month high level of 4,675.92 points.
The other two indices – DSE 30 and DSE Shariah –complaints index closed at highest point level of 1,786.58 points and 1,101.32 points respectively from the inception, after gaining 28.33 points and 12.39 points respectively during the week.
The port city bourse, the Chittagong Stock Exchange (CSE), also edged marginally higher with its Selective Categories Index – CSCX – moved up by 32.60 points or 0.37 percent to close at 8,757.85 points.
The market turnover improved slightly due to slow fund injections.
The week’s total turnover amounted to BDT 28.66 billion which was BDT 27.00 billion in the week before.
The daily turnover for the week averaged BDT 5.73 billion, registering an increase of 6.17 percent over the previous week’s average BDT 5.40 billion.
“Strong dominance of multinational companies, primarily due to dividend expectation noted last week’s trading pattern,” observed IDLC Investments, a merchant bank in its weekly analysis.
LankaBangla Securities said: “Market continued its uptrend which started nine weeks earlier on July 14. The week started with modest correction in the index in first two trading sessions, but the bull got back its rhythm in the last three trading sessions recovering earlier losses.”
“The market encouraged and another upward week amidst major boost in market turnover as the investors except the bullish spell to stretch ever further,” said International Leasing Securities.
Losers, however, outpaced gainers as out of 307 issues traded, 172 declined, 119 advanced and 16 remained unchanged on DSE floor during the week.
MJL Bangladesh dominated the week’s top turnover chart with shares worth BDT 1.23 billion changing hands followed by Beximco, Singer BD, Lafarge Surma Cement and ACI Limited.
ACI Formulations was the week’s top gainer, posting a rise of 60.80 percent while Investment Corporation of Bangladesh (ICB) was the week’s worst loser, slumping by 19.11 percent following its price adjustment in the week after record date.
BBN/BB/AS-12Sept14-4:15pm (BST)