Dhaka, Bangladesh (BBN)– Bangladesh’s stocks rebounded last week that ended on Thursday, breaking a two-week losing streak, as investors took position on banking shares.
Dealers said Bangladesh’s stocks rebounded as investors were buying on mood, especially on issues from bank, financial institutions and cement, taking the core index above 6,200-mark after two weeks.
The week witnessed four trading sessions as the market closed on Sunday on the occasion of Holy Ashura. All four trading sessions closed higher.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-year back, went up by 109 points or 1.80 percent to settle at 6,202 points.
The two other indices — the DS30 index and the DSE Shariah Index (DSES) – also followed the suit to close at 2,201 and 1,350 points, after soaring 23.82 points and 4.05 points respectively.
The port city bourse, Chittagong Stock Exchange (CSE), also rebounded with its Selective Categories Index, CSCX, advancing 257 points or 2.24 percent to settle at 11,669 points.
The bullish sentiment of market also reflected on turnover activity as the total turnover for the week stood at BDT 36.70 billion on the DSE which was BDT 34.43 billion in the week before, rising 6.58 percent. The last week saw four trading sessions instead of previous week’s five.
The daily turnover averaged at BDT 9.17 billion, which was 33 percent higher than the previous week’s average of BDT 6.88 billion.
International Leasing Securities, a stockbroker, said, “Enthusiastic participation of the investors’ backed by hope brought buoyancy which helped the benchmark index to cross 6,200 points mark”.
The stockbroker noted that the optimistic drive was mainly initiated by the investors’ buying spree riding on the news of soaring net foreign investment by 202 per cent year-on-year in the first nine months of 2017 which tempted them to take fresh position on sector specific stocks.
Of the 335 issues traded, 173 closed higher, 137 lower and 25 remained unchanged on the DSE trading floor.
Exim Bank topped the week’s turnover chart with 92.56 million shares of BDT 1.72 billion changing hands, closely followed by Aarma Networks, Islami Bank, Premier Bank and LankaBangla Finance.
Sonar Bangla Insurance was the week’s highest gainer, posting a 21.20 percent gain, while Northern Jute Manufacturing was the worst loser, losing 30.50 percent.