Dhaka, Bangladesh (BBN)- US stocks seesawed during the week. The first growth in the US service industry in a year and upbeat comments about big banks initially pulled investors into the stock market after two losing weeks.
Wall Street continued its rally as a weaker USD boosted commodities and dollar-sensitive stocks, fostering a broad-based advance. But the two-day advance petered out amid a mixed dollar, lower oil prices and some jitters at the start of the quarterly financial reporting period.
The Dow Jones Industrial Average advanced 13 points or 0.14 percent over the week while the NASDAQ Composite shed off 12 points or 0.57 percent, according to reports.
Japan’s Nikkei average hit a 10-week low of 9,713.92 on Monday after US stocks dipped late last week as weak jobs data underscored the fragility of the US economy’s recovery. However Nikkei pared some of the losses during the end of the week and closed the week at 9,832.47.
Locally the benchmark index of the Dhaka Stock Exchange (DSE) soared to an all-time high in continuation of the bullish trend experienced over the last couple of weeks. The DSE General Index closed the week at record high of 3,259.04.
The total turnover continued to rise on heavy trading activities. On last trading day it stood at BDT 9.961 billion (US$ 144 million).
BBN/SS/SI/AD-10October09-3:37 pm (BST)
