Bangladesh stocks break losing streak Photo: BBN file
Dhaka, Bangladesh (BBN)-Bangladesh’s stocks returned to green last week, breaking five weeks losing streak as investors are optimistic to end of the ongoing political crisis.
This week featured four trading sessions like previous week as the market remained closed on Thursday due to a public holiday on the occasion of Independence Day of Bangladesh.
Of those, first and last session closed higher while mid two sessions saw marginal loss.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), crossed the 4,500-mark again and ended at 4,509.30 points, gaining 41.28 points or 0.92 percent.
The two others indices also ended in green.
The DS30 index, comprising blue chips gained 27.19 points or 1.61 percent to close at 1,713.86 points.
The DSE Shariah Index rose 15.29 points or 1.41 percent to close at 1,096.78 points.
The port city bourse, Chittagong Stock Exchange (CSE), also returned to green after five weeks with its Selective Categories Index – CSCX – gained 38.27 points or 0.46 percent to close the week at 8,338.35 points.
Activity improved slightly last week and the total turnover for the week stood at BDT 11.88 billion against BDT 10.23 billion in the week before.
The daily turnover for the week averaged BDT 2.97 billion, registering an increase of 16.17 percent over the previous week’s average of BDT 2.55 billion.
LankaBangla Securities said:”Market ended in green zone last week backing on manufacturing stocks ahead of corporate declaration”.
“Large-cap stocks exhibited higher return last week as investors took position in consumer and pharma stocks which are expected to perform better in political unsoundness,” said the stock broker.
“After last few weeks of brutal correction, last week tried to create a breathing space for the investors,” said IDLC Investments, in its weekly market analysis.
The losers took a modest lead over the gainers as out of 320 issues traded, 174 declined, 126 advanced and 20 remained unchanged on the DSE trading floor.
The market capitalisation of the DSE went up by 1.05 percent as it was BDT 3,108.98 billion on the opening day of the week and it stood at BDT 3,141.74 billion on closing day of the week.
ACI Limited dominated the week’s top turnover chart with shares worth BDT 759.82 million changing hands followed by Lafarge Surma Cement, Shahjibazar Power, GP and ACI Formulations.
Ambee Pharma was the week’s top gainer, posting a rise of 17.90 per cent while Reliance Insurance was the week’s worst loser, plunging by 26.20 percent.
BBN/BB/AI-27Mar15-12:33pm (BST)