Bangladesh’s stocks pass another dull week

Dhaka, Bangladesh (BBN) – Bangladesh’s stocks passed another dull week that ended on Thursday but it was gained in the last two sessions following different moves, taken by the government.

DSEX, the key index of the Dhaka Stock Exchange, shed 47.56 points or 1.13 per cent, to close at 4,149 points on Thursday, the last trading session of the past week, after losing 261.9 points in the week before.

The market lost 582 points in the last seven weeks with just one positive week.

However, some market supportive measures helped Dhaka stocks end the sharp losing streak in the week ended on Thursday.

Out of five trading sessions, the DSE broad index witnessed sharp fall in first three sessions hitting 56-month low.

The last two sessions closed positively following a meeting called by the ministry of finance (MoF) to discuss the market supportive proposals.

On Thursday, the DSE broad index closed the session with a sharp rise of 2.0 per cent or 81.62 points.

On the day, Prime Minister gave six-point instructions for revitalising the country’s stock market, including ensuring easy credit facility for merchant bankers and institutional investors.

Finally, the DSEX closed at 4149.83 points on Thursday with a loss of 1.13 per cent or 47.56 points from the closing session of the previous week.

In last week, the shariah based index DSES declined 0.59 per cent to close at 940.29.

The DS30 index comprising blue chip securities closed at 1406.60 points on Thursday with a marginal rise of 0.22 per cent.

Of 360 issues traded on the DSE, 60 advanced, 277 declined and 21 were unchanged in last week.

The nervy investors liquidated their holdings from telecom, textile, jute, financial institutions and engineering sectors, according to the market insiders.

he opportunist investors went for bargain hunting on lucrative price levels in pharmaceuticals and food sectors, they explained.

In last week, the DSE featured a daily turnover of BDT 2.64 billion, which was 16.26 per cent less than that of the previous session.

Following the price correction witnessed by majority number of securities, the market capitalisation declined 1.32 per cent or BDT 42.79 billion to close at above BDT 3.19 trillion.

Of the major sectors which witnessed price correction, engineering declined 4.1 per cent, financial institutions 4.7 per cent, fuel & power 1.9 per cent, telecommunication 3.5 per cent and textile 6.1 per cent.

Pharmaceuticals & Chemicals was the only one sector which witnessed price appreciation and its market capitalisation advanced by 1.7 per cent on the DSE.

Investors’ participation was mostly concentrated on engineering sector which grabbed 14 per cent of the market turnover followed by pharmaceuticals & chemicals 12.5 per cent, bank 10.4 per cent and textile 10.1 per cent.

LafargeHolcim Bangladesh topped the scrip wise weekly turnover chart with a value of BDT 865.65 million followed ADN Telecom BDT 558.96 million, Square Pharmaceuticals BDT 501.47 million, Khulna Power Company BDT 453.09 million and BRAC Bank BDT 369.22 million.

Olympic Industries was the number one gainer with a rise of 10.91 per cent to close at BDT 183 each.

Northern Jute Manufacturing Company was the worst loser after declining 28.30 per cent to close at BDT 414.80 each.

On the other hand, the port city bourse the CSE30 added 107 points while CSCX and CASPI lost 100 points and 168 points respectively over previous week.

BBN/SSR/AD