Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended their gaining spell for the third straight weeks that ended on Thursday as several earnings disclosure attracted investors to take position.
Market insiders said the investors’ sentiment regarding the market stayed positive amid earnings declaration resulted in an upbeat session for last three consecutive session of the week.
The week witnessed five trading sessions as usual. Of them, first two sessions saw mild correction while last three edged higher.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 21.41 points or 0.46 percent to close at 4,698.54 points over the previous week.
The two other indices also managed to closed positive zone. The DS30 index, comprising blue chips, saw a fractional gain of 0.30 point or 0.02 percent to settle at 1,758.46 points.
The DSE Shariah Index advanced 0.22 point or 0.22 percent to close at 1,122.70 points.
The port city bourse, Chittagong Stock Exchange (CSE) also finished marginally higher with its Selective Categories Index, CSCX, advancing 52.76 points or 0.60 percent to close at 8,805.74 points.
Trading activities increased further the daily turnover averaged at BDT 6.18 billion, registering an increase of 4.87 percent over the previous week’s average of BDT 5.89 billion.
LankaBangla Securities, a stockbroker, said, “The flurry of earnings declarations that began in the previous week continued as all the listed companies were required to disclose their earnings by November 15”.
The stockbroker noted that index slipped in first two trading days but recovered later in the week with three consecutive sessions ending in the green.
Quoting the newspapers reports, the stockbroker noted that there was a couple of positive economic news as well. The government is considering cutting fuel prices in line with the international market Also, London based BMI research forecasted 7.10 percent real GDP growth for this fiscal year, further cementing positive economic outlook.
IDLC Investments, a merchant bank, said, “The market momentum was primarily driven by earnings declarations. Almost all the companies disclosed their earning per share (EPS) of Q1 2017, on the basis of which investors continued to re-balance portfolios”.
The losers and gainers almost same as out of 328 issues traded, 152 closed higher, 151 closed lower and 25 remained unchanged on the DSE trading floor last the week.
Bangladesh Building Systems dominated the week’s turnover chart with 26.89 million shares worth BDT 1.24 billion changing hands, followed by Shasha Denims, Square Pharmaceuticals, Quasem Drycells and Golden Harvest Agro Industries.
National Tubes was the week’s best performer, posting a 20.13 percent gain, while Eastern Lubricants was the worst loser, slumping by 34.18 percent.