Dhaka, Bangladesh (BBN)- The country’s stocks ended the week over consecutive third session gain on Thursday with turnover keeping low as market was less active amid country-wide 8 hour hartal enforced by main opposition BNP-led alliance.
The prime index of the Dhaka Stock Exchange (DGEN) ended at 4,088.62, rising by 25.31 points or 0.62 per cent, as market was taking support from different levels.
Total turnover value decreased to BDT 1.76 billion, down by 11.55 percent from previous session’s BDT 1.99 billion, the DSE data showed.
A total of 0.063 million trades were executed in the day’s trading session generating turnover of BDT 1.76 billion with 55.04 million shares of trading volume on the DSE.
The market capitalization of the DSE increased to BDT 2,345 billion against BDT 2,332.82 billion in the previous session.
The Chittagong Stock Exchange (CSE) also ended higher, with the CSE Selective Category Index surged 54.18 points to close at 7,965.46.
Banks and non-banking financial institutions (NBFIs) moved upwards pulling the market with them. Banks clearly led with 3.39 percent gain whereas NBFIs followed with 1.74 per cent gain.
Banks captured top turnover position with BDT 569 million accounting for 32.26 per cent of the day’s total turnover.
Textiles got the second place as well. Fuel and power sector has been in the sidewalk too but most of the scrips recovered from past few days of bearish mood.
Newly listed Envoy Textile continued to dominate the top turnover chart with shares worth BDT 108.25 million changing hands despite the issue lost 1.5 percent.
Out of the 258 issues traded on the DSE, 183 advanced, 47 declined while 28 remained unchanged.
Savar Refractories was the day’s highest gainer posting a rise of 6.90 percent while Jute Spinner was the day’s worst loser, slumping by 3.22 percent.
Volume shrinkage was expected as it was a strike day. Moreover, the mounted political turmoil has cast dark cloud over the investor’s psychology. Amid a situation, banks continued leading the market solely, according to Zenith Investments market analysis.
“A lot of indications are there that the market might get a rebound soon but the volume crisis is a major deterrent in the way of it. Moreover, political uncertainty is adding to the woes,” the Zenith analysis noted.
And if the uncertainty goes like this, more volume shrinkage may occur which would just weaken the possibility of market’s rebound, the Zenith analysis added.
“As the year-end approaching, market seemed to be kept protected from any major corrections. Same pattern was exemplified in the latest calendar year, as well,” stated IDLC Investments.
Besides, banking sector took an impressive turn in this week on expectation of future positive movement. However, gain of banking sector shadowed correction of other sectors which, eventually kept market positive, according to the IDLC Investments.
BBN/SSR/AD-14Dec12-5:16 pm (BST)
