Dhaka, Bangladesh (BBN) - Bangladesh’s stocks extended their winning streak for the three straight weeks that ended on Tuesday as earning news enchanted investors.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 56.22 points or 1.22 percent to finish the week at 4,656.14.
The DS30 index, comprising blue chips, rose 25.63 points or 1.43 percent to settle at 1,820.88. The DSE Shariah Index gained 13.48 points or 1.19 percent to end at 1,147.21.
The port city bourse Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index - CSCX – gained 86.85 points or 1.00 percent to close the week at 8,713.72.
The total turnover for the week stood at BDT 15.68 billion, which was 33.21 percent lower than the previous week’s total BDT 23.48 billion as the last week saw only three trading sessions instead of previous week’s five.
However, the daily turnover for the week averaged BDT 5.22 billion, registering an increase of 11.32 percent over the previous week’s averaged BDT 4.69 billion.
“The gaining momentum was powered by multiple factors, notably expectations on corporate declarations of the companies with accounting year ending in June, scrip wise stories, ease in political frontier and expected macro-economic turnaround,” said IDLC Investments, in its weekly analysis.
International Leasing Securities, a stockbroker, said, “Stocks witnessed the extension of the last two week’s winning streak amid optimism regarding half yearly earnings disclosures from stocks”.
“The stock market remained buoyant last week with benchmark index gaining 56 points backing on multinational stocks and power stocks,” said LankaBangla Securities, in its weekly analysis.
The gainers took a lead over the losers as out of 325 issues traded, 188 advanced, 112 declined and 25 remained unchanged on the DSE trading floor.
ACI Limited was the week’s top turnover leader with shares worth above BDT 1.82 billion changing hands during the week followed by GP, Lafarge Surma Cement, KPCL and Beximco.
MBL First Mutual Fund was the week’s best performer, posting a rise of 20 percent while Golden Harvest Agro Industries was the week’s worst loser, plunging by 12.11 percent.
BBN/SSR/AD