Dhaka, Bangladesh (BBN) – Bangladesh’s stocks ended higher last week that ended on Thursday, after remaining down in the last six consecutive weeks amid optimism.
Analysts said the news of the government’s intension to extend timeframe of banks’ capital market over-exposure adjustment for two more years till July 2018 instead of existing timeframe July 2016 made investors optimistic.
The week featured five trading sessions as usual.
Of them, first session closed lower while last four ended higher amid optimism.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), crossed the 4,500-mark after two weeks and settle the week at 4,531.63, after gaining 98.05 points or 2.21 percent.
The DS30 index, comprising blue chips, soared 31.98 points or 1.98 percent to finish at 1,721.06.
The DSE Shariah Index rose 24.04 points or 2.25 percent to end the week at 1,091.52.
The port city bourse Chittagong Stock Exchange (CSE) also saw sharp gain with its Selective Categories Index – CSCX – advancing 184.42 points or 2.24 percent to end the week at 8,416.69.
The total turnover for the week stood at BDT 17.90 billion on DSE which was BDT 14.90 billion in the week before.
The daily turnover averaged BDT 3.58 billion, which was 20.17 percent higher than the previous week’s average of BDT 2.98 billion.
“The leading stock bourse of the country enjoyed a shining momentum last week amidst increased participation from the investors,” said International Leasing Securities, in its weekly analysis.
“The news that banks are getting extended period of two years to adjust their exposure in the capital market helped the investors to be optimistic about the market,” LankaBangla Securities, a stockbroker, said in its weekly analysis.
Gainers outpaced losers as out of 321 traded issues, 238 closed higher, 67 lower and 16 remained unchanged on the DSE trading floor last week.
IFAD Autos dominated the week’s turnover chart with shares of BDT 1.06 billion changing hands during the week followed by Saif Powertec, Titas Gas, Beximco Pharma and Olympic Industries.
Atlas Bangladesh was the week’s best performer, posting a rise of 37.18 percent while Rahim Textile was the week’s worst loser, plunging by 25.47 percent.