Dhaka, Bangladesh (BBN)- US stocks retreated initially on unexpected decline in consumer confidence due to lower earnings forecast for US retail and financial firms.
Equities dropped further after Japan’s economy grew less than estimated and commodities declined. However US equities advanced after US retail firms posted upbeat profits and energy shares rose due to a decline in US fuel inventories.
The Dow Jones Industrial Average closed at 9,279.16 on Thursday, marking a rise of 0.41 percent compared to last week. The NASDAQ Composite slightly declined to 1,969.24 during the same period.
Asian stocks dropped initially after Japan’s less than estimated economic growth. Equities rebounded after analysts recommended buying shares of Asian manufacturing and mining companies.
Overall the Nikkei 225 closed Wednesday at 10,370.80, 1.28 percent less compared to last week. The BSE Sensex rose 241 points or 1.62 percent to 15,094.66 during the week. Indian metal manufacturers Tata Steel Limited and Hindalco Industries Limited, the world’s largest Aluminium producer, led gains as industrial metal prices advanced towards the end of the week.
Locally, turnover at the country's premier bourse, Dhaka Stock Exchange, hovered around BDT 8.06 billion on Thursday. The DSE General Index closed on Thursday at 3,027.94level, 0.88 percent higher than last week.
BBN/SS/SI/AD-22August09-11:47 pm (BST)