Dhaka, Bangladesh (BBN)-Bangladesh’s stocks closed positive for the second straight week as investors went for buying binge following better than expected half-yearly earnings and the central bank’s hint about capital-market friendly monetary policy.
Week-on-week, DSEX, the prime index of Dhaka Stock Exchange (DSE) crossed the ‘psychological’ threshold of 4,400 points and closed at 4,427.16 points, gaining 35.00 points or 0.80 percent.
The DS30, comprising blue chips went up by 23.58 points or 1.47 percent to close at 1,626.52 points. The DSES gained 5.78 points or 0.58 percent to close at 1,004.66 points.
The port city bourse, the Chittagong Stock Exchange (CSE) also ended higher with its Selective Categories Index - CSCX – went up by 54.15 points or 0.65 percent to close at 8,381.14 points.
The total turnover amounted to BDT 16.06 billion last week which was BDT 10.39 billion in the previous week.
The daily turnover for the week averaged BDT 3.21 billion, registering an increase of 54.64 percent over the previous week’s average of BDT 2.07 billion.
“Increased turnover is indicating that market participants are taking more interest in the market,” said an analyst.
“Declaration of better than expected half-yearly and quarterly earnings of most of the companies stimulated the investors to take position in the market,” said International Leasing Securities.
“The investors’ expectation regarding the next monetary policy statement also triggered the upbeat market sentiment to some extent” said the International Leasing.
“With improved half yearly earning disclosures and expectations on upcoming monetary policy statement (MPS), the bourse down-caste monotonous tone prevailed in last couple of weeks,” IDLC Investments said.
LankaBangla Securities, in its weekly market analysis said, “Market seems to be getting back some sort of momentum backing on good corporate earnings by listed companies in Q2”.
Out of 307 issues traded during the week 148 advanced, 116 declined and 43 remained unchanged on DSE floor.
Beximco Limited dominated the week’s top turnover chart for the four straight weeks with shares worth BDT 2.13 billion changing hands followed by GP, Square Pharma, Shahjibazar Power and Lafarge Surma Cement.
Shahjibazar Power Company was the week’s top gainer, posting a rise of 31.03 percent while Navana CNG was the week’s worst loser, plunging by 9.54 percent.
BBN/SSR/BB-25July14-10:24 pm (BST)