Dhaka, Bangladesh (BBN)– Bangladesh’s stocks edged higher for the three consecutive weeks that ended on Thursday as investors grabbed telecommunication and bank stocks amid optimism.
The week witnessed six trading sessions instead of usual five as the market was opened on Saturday in line with all government offices including financial institutions. Of them, the first three edged higher, while the last three saw marginal correction.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), finished the week at 4,559.78, edging up by 15.87 points or 0.35 percent over the previous week.
The DS30 index, comprising blue chips, also saw a fractional gain of 0.58 point or 0.03 percent to settle at 1,779.29 points.
However, the DSE Shariah Index fell 2.49 points or 0.22 percent to close at 1,114.25 points.
The port city bourse Chittagong Stock Exchange (CSE) also edged higher with its Selective Categories Index, CSCX, advancing 50.60 points or 0.59 percent to settle at 8,528.13 points.
The total turnover stood at BDT 23.94 billion on DSE, which was 39.70 percent higher than the previous week’s BDT 17.14 billion as last week saw six trading sessions instead of previous week’s five.
The daily turnover averaged BDT 3.99 billion, registering an increase of 16 percent over the previous week’s average of BDT 3.43 billion.
Analysts a section of investors remained followed cautious stance ahead of monetary policy state statement scheduled to be unveiled July 26.
LankaBangla Securities, a stockbroker, said, “Despite the lacklustre performance later half of the week, major sectors moved sharply higher, telecommunication and bank stocks were in investors’ most buy list”.
The stockbroker noted that investors went for cautious trading last three trading days of the week ahead of the announcement of the monetary policy for the first half of the current fiscal.
Sheltech Brokerage said, “The market continued previous week’s gaining streak on the first three trading sessions, but failed to continue as investors booked profit later part of the week”.
“Increased concentration was seen in large-cap stocks and multinational companies stocks following quarterly earnings speculation of listed companies,” said the Sheltech.
According to Sheltech, telecommunication was the highest gainer of 4.1 percent led by GP following its half yearly earnings and dividend declaration last week.
Losers took a modest lead over the gainers as out of 329 issues traded, 193 closed lower, 114 higher and 22 remained unchanged on the DSE trading floor last the week.
Bangladesh Steel Re-rolling Mills dominated the week’s turnover chart with 7.44 million shares of BDT 1.16 billion changing hands, followed by ACME Laboratories,, Islami Bank, Delta Brac Housing Finance, and Shahjibazar Power Company.
Renwick Jajneswar was the week’s best performer, posting a rise of 30.72 percent, while National Feed Mills was the worst loser, slumping by 12.24 percent.