Bangladesh’s stocks return to green last week

Last updated: April 20, 2018

Retailers trade at Dhaka Stock Exchange office. BBN file photo

Dhaka, Bangladesh (BBN)- Bangladesh’s stocks backed to the green last week that ended on Thursday, after single-week break, as optimistic investors went on buying spree on sector-wise stocks.

Analysts said the market edged higher as investors went on taking position on sector-wise large cap stocks amid ongoing quarterly earnings disclosures.

The week featured five trading sessions as usual. Of them, three sessions closed higher while two sessions saw marginal correction.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled the week at 5,843 points, advancing more than 30 points or 0.52 percent over the week before.

Two other indices also closed higher with the DS30 index, comprising blue chips, advanced 17 points to finish at 2,204 and the DSES (Shariah) index gained 13 points to settle at 1,394 points.

Port city bourse the Chittagong Stock Exchange (CSE) also returned to higher with the CSE All Share Price Index – CASPI – advancing 75 points to settle at 18,009 and Selective Categories Index – CSCX –gaining 48 points to close at 10,885 points.

“Following the previous week’s trend, the trading of the week started with pessimism but expectant investors reversed the market momentum in the last two sessions,” according to weekly market review of International Leasing Securities.

The stockbroker noted that both the risk-averse and bargain hunter investors were active on the trading floor during the week.

“Trading activities fell 17 percent last week as the risk-averse investors booked quick-gain over last few sessions price surge and refrained from making fresh investments while some others were busy with rebalancing their portfolio following the dividend and first quarter earnings declaration,” said the stockbroker.

Positive momentum in some large-cap stocks especially from telecom, bank, fuel & power, food and pharmaceutical sectors created vehemence in the investors' mood while engineering, textile financial institution, general insurance and life insurance sectors witnessed correction in the week, said the stockbroker.

Turnover, another important indicator of the market, stood at BDT 25.75 billion last week against BDT 31.07 billion in the week before.

The daily turnover averaged BDT 5.15 billion, which was 17 percent lower than the previous week’s average of BDT 6.21 billion.

Among the major sectors based on market capitalization – telecommunication was the highest gainer, posting a 2.10 percent gain, followed by banking 1.7 percent, fuel & power 1.7 percent, food & allied 1.5 percent and pharmaceutical 1.3 percent.

The losers took a modest lead over the gainers as out of 341 issues traded, 184 closed lower, 129 advanced and 28 issues remained unchanged on the DSE floor.

Beximco topped the turnover chart with 76.24 million shares of BDT 2.34 billion changing hands, followed by Al-Arafah Ismai Bank, BRAC Bank, LafargeHolcim Bangladesh and United Power.

Sonali Aansh was the week’s best performer, posting a gain of 21 percent while the Advent Pharma was the week’s worst loser, losing 16 percent.

BBN/SSR/SR

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