Dhaka, Bangladesh (BBN) – Bangladesh’s stocks finished marginally higher last week that ended on Thursday, breaking a two weeks losing spell, as investors began to take position after earnings season.
The week witnessed five trading sessions as usual. Of them, first two sessions saw correction, while last three closed higher.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 36.64 points or 0.79 percent to close at 4,672.88 points.
The two other indices also ended marginally higher. The DS30 index, comprising blue chips, advanced 6.33 points or 0.36 percent to settle at 1,757.77 points.
The DSE Shariah Index rose 8.25 points or 0.74 percent to close at 1,118.05 points.
The port city bourse, Chittagong Stock Exchange (CSE) also finished marginally higher with its Selective Categories Index, CSCX, gaining 49.10 points or 0.57 per cent to close at 8,724.46 points.
The total turnover for the week stood at BDT 21.84 billion, which was nearly 28 percent lower than the previous week’s BDT 30.19 billion.
The daily turnover averaged at BDT 4.37 billion, registering a decline of 28 percent over the previous week’s average of BDT 6.04 billion.
International Leasing Securities, a stockbroker, said, “The week observed an effort to recover from recent bearish streak in the market”.
The stockbroker noted that notable price correction in recent period lured the bargain hunters for taking fresh position, upon which investors replied positively in last three sessions.
IDLC Investments, a merchant bank, said “Following the downbeat momentum of last two weeks, the market started last week with a correction”.
Among the large-cap sectors, NBFIs posted a significant gain of 6.55 percent, followed by cement with 1.80 percent, food and allied 1.40 percent, banks 0.59 percent. Pharmaceuticals and telecommunication also edged 0.24 percent and 0.20 percent higher.
Engineering and fuel and power saw correction of 0.14 percent and 0.02 percent respectively.
The gainers took a strong lead over the losers as out of 328 issues traded, 175 closed higher, 125 closed lower and 28 remained unchanged on the DSE trading floor last the week.
Doreen Power Generations and Systems dominated the week’s turnover chart with shares worth BDT 1.12 billion changing hands, followed by MJL Bangladesh, Lafarge Surma Cement, Brac Bank and Fortune Shoes.
The Peninsula Chittagong was the week’s best performer, posting a 23.70 percent rise, while Legacy Footwear was the worst loser, slumping by 37.37 percent.