Dhaka, Bangladesh (BBN) - Stocks passed through volatile week that ended on Thursday as investors were not inclined to take positions on any sector for long term due to the fears associated with the market stability.
Bouts of buying and selling was the hallmark of trading as investors purchased and sold shares in quick succession and mostly on small profit and loss margins.
Traders have started to realize their profit in the banking sector after the banks have started to announce their yearly dividend year.
“Some investors look for the first quarterly earnings declaration before investing for the long term. Confused investor sentiment is reflected in index movement,” said a leading stockbroker.
The week witnessed rise in three out of five trading sessions. The rest two sessions fell moderately.
In the week, the DSE General Index (DGEN), the yardstick of the market, gained 248.25 points or 6.19 per cent to close at 4259.05, extending two straight weeks gain.
Chittagong Stock Exchange Selective Categories rose 525 points or 5.69 percent to 7895.46.
On DSE, turnover value was up by 70.1 per cent to BDT 14.50 billion over the previous week. Out of 273 issues traded, 216 advanced, 42 declined, eight remained unchanged and seven were not traded.
In CSE, out of 205 issues traded, 167 closed positive, 32 negative and six remained unchanged during the week.
Almost all the sectors shined with financials gaining highest during the week. Banks gained 8.19 percent, financial institutions 6.46 percent, general insurance 5.57 percent and life insurance 4.19 percent and pharmaceuticals 4.28 percent.
Banks dominated the week as dividend declarations for 2011 were poured in. Investors’ reaction was negative in the last trading session when benchmark index fell more than 30 points as the dividend declarations were less than expected.
Southeast Bank declared 15 percent cash and 5 per cent stock dividend, Bank Asia 20 percent stock, Prime Bank 10 percent cash and 20 percent stock, Eastern Bank 35 percent, Dhaka Bank 5 percent cash and 30 percent stock dividends.
Grameenphone (GP) topped the turnover chart with shares worth Tk 729.84 million changing hands. National Bank, Beximco Limited, UCBL, SIBL, United Airways, Mercantile Bank, Southeast Bank, ONE Bank and RN Spinning were the week's other turnover leaders.
The week's prominent gainers were Prime Finance, ONE Bank, Shinepukur Ceramics, Beximco, Global Insurance, Uttara Finance, In Tech Online, UCBL, Beximco Synthetics and Uttara Bank.
The week's worst losers included Prime Finance First Mutual Fund HR Textile, MBL First Mutual Fund, Apex Adelchi Footwear, Standard Ceramic, Al-Haj Textile, LankaBangla Finance, Reckitt Benckiser, Shyampur Sugar Mills and Stylecraft.
BBN/SSR/AD-18Feb12-3:00 pm (BST)
