Dhaka, Bangladesh (BBN)-Stocks edged higher on the first week of New Year with higher turnover as investors were active both sides of the fence amid positive expectations.
The week featured five trading sessions as usual. Of them, two sessions closed higher while three saw marginal fall.
Both the Dhaka Stock Exchange, the prime bourse of Bangladesh and Chittagong Stock Exchange, the port city bourse of the country, experienced upward trend.
The key index of Dhaka Stock Exchange (DSE) earned 46.44 points while the port city bourse Chittagong Stock Exchange (CSE) gained 113.19 points.
The prime index of the Dhaka Stock Exchange (DSE) went up by 46.44 points or 1.0 per cent to settle at 4,676.08 points over the previous week.
The DS30 index, comprising blue chips, advanced 20.70 points or 1.18 per cent to finish at 1,771.29.
The DSE Shariah Index rose 19.78 points or 1.79 per cent to close at 1,126.90 points.
The port city bourse Chittagong Stock Exchange (CSE) also closed higher with its Selective Categories Index - CSCX – advancing 113.19 points or 1.32 per cent to end at 8,685.31 points.
The week’s total turnover for the week stood at BDT 27.13 billion, which was BDT 19.38 billion in the week before.
The daily turnover averaged BDT 5.42 billion, which was 40 percent higher than the previous week’s average of BDT 3.87 billion.
“The market started the maiden week of the year in a negative tone, from which it strongly turned around in the later part of the week, riding on some positive macro-economic developments and New Year enthusiasm,” said IDLC Investments in its weekly analysis.
Despite the index crossed its resistance at 4,660-mark, upward trend of the market slowed down in the last trading sessions of the week, said Lankabangla Securities, a stockbroker.
“The market ended with 1.0 per cent growth on the first week of 2016 with lower volatility which can be a good sign for the investors as the index growth has beaten the risk level,” said Royal Capital, in analysis.
Gainers outpaced losers 188 to 114, with 23 issues remaining unchanged on the premier bourse.
United Power Generation and Distribution Company dominated the week’s turnover chart with shares worth BDT 1.22 billion changing hands during the week followed by Beximco, Beximco Pharma, Emerland Oil and IFAD Autos changed hands.
Miracle Industries was the week’s best performer, posting a rise of 30.59 per cent while Western Marine Shipyard was the week’s worst loser, plunging by 12.68 per cent.
BBN/SK/AD