Retailers trade at Dhaka Stock Exchange office. BBN file photo
Dhaka, Bangladesh (BBN)- Bangladesh’s stocks rebounded last week that ended on Thursday, the last week of 2017, breaking a four-week losing spell, as were on buying mood on large-cap stocks.
Market operators said the market rebounded backed by substantial gain of large-cap stocks like Lafarge Surma Cement which dominated the week’s turnover and gainer chart.
The week featured four trading sessions as the market closed Monday due to Christmas Day. Of them, first trading session faced mild correction while last three closed higher.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 61.73 points or 1.0 percent to finish the year at 6,244 points
According to City Bank Capital Resources, such moderate gain in market indices was backed by considerable gain in large-cap stocks like Lafarge Surma Cement.
The merchant bank noted that Lafarge contributed most to keep the market positive due to the news of closing the acquisition deal with Holcim Cement at Bangladesh Bank’s amended price of BDT 5.05 billion.
The two other indices also closed higher. The DSE 30 Index comprising blue chips rose 52 points or 2.33 percent to finish at 2,283.
The DSE Shariah Index (DSES) also rose 24 points or 1.76 percent to close at 1,390 points.
The port city bourse Chittagong Stock Exchange (CSE) also rebounded higher with CSE All Share Price Index -- (CAPSI) – advanced 145 points or 0.76 percent to finish at 19,268.
The Selective Categories Index of the port city bourse -- CSCX, also rose 91 points or 0.79 percent to close at 11,649.
Riding on Lafarge Surma, the average daily turnover on the premier bourse rose to BDT 4.78 billion, which was nearly 12 percent higher from the previous week’s average of BDT 4.28 billion.
“Investors started taking fresh position to proceed with a heads up in the New Year. Rally of some specific large-cap scrips such as Lafarge helped the index make a turnaround,” commented EBL Securities.
Among the major sectors, cement sector gave massive weekly gains with 15.89 percent gain, riding on a stellar week from Lafarge Cement which gained 28.73 per cent alone.
Telecommunication, banking and food & allied sectors also registered positive movement with 1.80 percent, 1.70 percent and 1.50 percent gain respectively.
Out of 339 issues traded, 202 closed lower, 112 closed higher and 25 issues remained unchanged on the DSE trading floor last week.
Lafarge Surma Cement topped the week’s turnover chart with 22.66 million shares worth BDT 1.58 billion changing hands, closely followed by Nahee Aluminum, Islami Bank, Square Pharma and Olympic Industries.
Lafarge Surma was also the week’s best performer, posting a gain of 28.73 percent while Emerald Oil Industries was the week’s worst loser, slumping by 14.95 percent.
A new issue -- Nahee Aluminum Composite Panel made debut last week. The company’s share price closed at BDT 81.60, registering an increase of 716 percent on its issue price of BDT 10 on first day.
BBN/SSR/SR