Dhaka, Bangladesh (BBN)-Bangladesh’s stocks extended their gaining streak for the second straight week as optimistic investors took position on lucrative stocks.
The week featured five trading sessions as usual.
Of them, three sessions closed higher while two edged lower.
Both the Dhaka Stock Exchange, the prime bourse of Bangladesh, and Chittagong Stock Exchange, the port city bourse of the country, experienced upward trend.
The prime index of the Dhaka Stock Exchange (DSE), went up by 42.12 points or 0.93 per cent to settle the week at 4,573.75 points.
The DS30 index, comprising blue chips, gained 8.58 points or 0.50 per cent to finish at 1,729.64.
The DSE Shariah Index rose 9.64 points or 0.88 per cent to end the week at 1,101.16.
The port city bourse Chittagong Stock Exchange (CSE) also ended higher for the second consecutive week with its Selective Categories Index- CSCX- gaining 90.54 points or 1.07 per cent to end the week at 8,507.23.
IDLC Investments, a merchant bank, said, during mid of the week, optimistic news like US$ 250 million loan from ADB for capital market reform of Bangladesh and MoU signed between securities’ regulators of India and Bangladesh instigated some positivity in the market, pushing the broad index beyond 4,600-level.
However, due to weak economic data as demonstrated by ‘Quantum Index of Industrial Production’ and lack of firm investment ground, investors could not rely on that level and went for profit booking from the short trail of upsurge in the market, said the merchant bank.
The total turnover for the week stood at BDT 21.96 billion which was BDT 17.90 billion in the week before.
The daily turnover averaged BDT 4.39 billion, which was 23 percent higher than the previous week’s average of BDT 3.58 billion.
The losers took a modest lead over the gainers as out of 325 traded issues, 158 closed lower, 139 higher and 28 remained unchanged on the DSE trading floor last week.
Saif Powertec dominated the week’s turnover chart with shares of BDT 878 million changing hands during the week followed by IFAD Autos, Beximco Pharma, Al-Arafa Islami Bank and Far Chemical Industries.
Al-Arafa Islami Bank was the week’s best performer, posting a rise of 5.90 per cent while BD Autocars was the week’s worst loser, plunging by 19.66 per cent.