Dhaka, Bangladesh (BBN) – Bangladesh’s stocks closed marginally higher last week that ended on Thursday, after previous week’s mild correction, as bargain hunters were active on large-cap stocks.
The week witnessed five trading sessions as usual. Of them, first session saw mild correction, while last four closed higher.
The benchmark index of the Dhaka Stock Exchange (DSE) went up by 39.31 points or 0.87 percent to finish the week at 4,577.57 points last week, over the week before.
The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 23.69 points or 1.34 percent to settle at 1,795.20 points.
The DSE Shariah Index also gained 11.85 points or 1.07 percent to close at 1,123.04 points.
The port city bourse Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index, CSCX, advancing 66.01 points or 0.78 percent to settle at 8,565.27.
The total turnover for the week stood at BDT 22.17 billion, which was BDT 19.63 billion in the week before.
The daily turnover averaged BDT 4.43 billion, registering an increase of 13 percent over the previous week’s average of BDT 3.93 billion.
LankaBangla Securities, a stockbroker, said, “Stocks pointed to the modestly higher; despite opening session was sluggish mood”.
“Buying interest spurred on the large-cap, while industry specific updates, kept some investors watchful about future market movement amid profit taking mood,” said the stockbroker.
International Leasing Securities, a stockbroker, said, “Earlier corrections in the market tempted the bargain hunters into coming forward as some fundamental issues seemed lucratively-priced”.
The gainers took a modest lead over the losers as out of 328 issues traded, 164 closed higher, 132 closed lower and 32 remained unchanged on the DSE trading floor last the week.
MJL Bangladesh dominated the week’s turnover chart with some 7.68 million shares worth BDT 817 million changing hands, followed by Titas Gas, Islami Bank, Square Pharmaceuticals and ACME Laboratories.
Renwick Jajneswar was the week’s best performer for the third week in a row, posting a gain of 31.53 percent, while Sunlife Insurance was the worst loser, slumping by 22.47 percent following no dividend declaration.