Dhaka, Bangladesh (BBN) – Bangladesh’s stocks finished higher last week that ended on Thursday, breaking two weeks losing spell, as optimistic investors took position on some large-cap stocks, the last week before long Eid-ul-Azha vacation.
Brokers said the market returned to green after two weeks as enthusiastic investors were active on sector specific stocks, taking the benchmark index to seven months high level.
The trading on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) will remain closed for nine days from September 9 to September 17, including weekly holidays and special holidays.
The week witnessed five trading sessions as usual and all five trading sessions closed higher.
The benchmark of the DSE went up by 52.04 points or 1.14 percent to finish the week at seven months high at 4,601.09 points.
“The market returned to green with bouncy in the financial sectors,” said LankaBangla Securities, a stockbroker.
The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 15.04 points or 0.86 percent to settle at 1,759.66 points.
The DSE Shariah Index gained 5.33 points or 0.48 percent to close at 1,108.66 points.
The port city bourse, Chittagong Stock Exchange (CSE) also finished higher with its Selective Categories Index, CSCX, advancing 115 points or 1.35 percent to close at 8,617.19 points.
The total turnover for the week stood at BDT 23.61 billion, which was 6.19 percent higher than the previous week’s BDT 22.24 billion.
The daily turnover averaged BDT 4.72 billion, registering an increase of 6.19 per cent over the previous week’s average of BDT 4.45 billion.
LankaBangla Securities, a stockbroker, said, “The upward movement in the market, which started from the last week, continued this week as well, resulting in 52 points increase in benchmark index DSEX”.
The stockbroker noted that list of top ten turnovers was dominated by mostly large-cap stocks, whereas financial sector (Bank, NBFI) occupied majority of the positions in the list of weekly top gainers.
International Leasing Securities, a stockbroker, said, “The bullish spell throughout the week was observed due to the active participation of enthusiastic investors, who took fresh positions in few fundamental stocks, which completely drove away the pre-Eid sell pressure from the market”.
The losers took a marginal lead over the gainers as out of 326 issues traded, 154 closed lower, 148 higher and 24 remained unchanged on the DSE trading floor last the week.
Shahjibazar Power Company dominated the week’s turnover chart for the two consecutive weeks with shares worth BDT 1.52 billion changing hands, followed by Lafarge Surma Cement, Doreen Power, MJL Bangladesh and Singer Bangladesh.
Bank Asia was the week’s top gainer, posting a gain of 14.37 percent, while Gemini Sea Food was the worst loser, plunging by 32.52 percent.