Retailers trade at Dhaka Stock Exchange office. BBN file photo
Dhaka, Bangladesh (BBN) - Bangladesh’s stocks rebounded last week that ended on Thursday as investors showed their buying appetite on large-cap issues.
Analysts said most of the investors were active on sector specific stocks throughout the week while some were busy with rebalancing their portfolios based on latest quarterly earnings results.
However, a section of investors closely eyeing on the country’s political situation as the national election nears, they said.
The week featured four trading sessions as usual and all four sessions closed green.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 61.32 points or 1.17 percent to settle the week at 5,306.
Two other indices—the DS30 index and the DSE Shariah Index (DSES)–also ended higher.
The DS30 index, comprising blue chips, rose 12.85 points to finish at 1,869 and the DSE Shariah Index advanced 19.44 points to close at 1,227.
Total turnover, however, fell to BDT 26.29 billion on the DSE which was BDT 27.65 billion in the week before as last week saw four sessions instead of previous week’s five.
The daily turnover averaged BDT 6.57 billion, registering an increase 19 per cent over the previous week’s average of BDT 5.52 billion.
International Leasing Securities said the market ended higher riding on the news that Investment Corporation of Bangladesh (ICB) raised BDT 7.50 billion from the issuance of subordinated bonds as part of its market supportive measures.
Investors increased concentration on the bank, pharma and financial institutions sector stocks took the core index to its one month high to 5,306, said the stockbroker.
The stockbroker noted that some of the investors were reshuffling their investment based on latest quarterly earnings disclosures.
The textile sector continued to dominate the week’s turnover chart, grabbing 21 percent of the week’s total turnover. It was followed by the pharmaceuticals with 17 percent and power 14 percent.
The market capitalisation of the DSE advanced 0.44 percent to BDT 3,830 billion, from BDT 3,813 billion in the week before.
Among the major sectors, pharmaceuticals posted the highest gain of 3.32 percent, followed by food with 1.56 percent, banking 0.91 percent and financial institutions 0.57 percent.
Power sectors witnessed the highest correction of 2.92 percent, followed by telecommunication with 1.0 percent and engineering 0.23 percent.
A listed company - Keya Cosmetics recommended 10 percent stock dividend for the year ended on June 30, 2018.
Of the 346 traded issues, 163 closed higher, 154 ended lower and 29 issues remained unchanged on the DSE floor last week.
United Power topped the week’s turnover chart with 3.65 million shares worth BDT 1.16 billion changing hands during the week.
The other turnover leaders were Khulna Power Company, Intech, Saiham Textile and Brac Bank.
Kattali Textile was the week’s best performer, posting a gain of 25.48 percent while Monno Jute Stafflers was the worst loser, losing 71.68 percent, following its price adjustment after record date.
The port city’s bourse, Chittagong Stock Exchange (CSE), also ended higher with its CSE All Share Price Index - CASPI –gaining 229 points to settle at 16,284.
The Selective Categories Index - CSCX – also rose 146 points to close the week at 9,875.
BBN/SSR/SR