Dhaka, Bangladesh (BBN)-Bangladesh’s stocks closed higher for the four straight weeks that ended on Thursday despite the prime bourse faced ‘technical glitches’, which delayed trading activities in first two sessions of the week.
The week featured five trading sessions as usual.
Of those, the market closed higher in first three sessions while last two saw correction.
Week-on-week, DSEX, the benchmark index of the DSE, went up by 61.43 points or 1.37 percent to end at 4,544.71 points.
The DS30 index, comprising blue chips, gained 48.02 points or 2.85 percent to close at 1,731.45 points.
The DSE Shariah Index rose 16.50 points or 1.52 percent to close at 1,099.43 points.
The port city bourse, Chittagong Stock Exchange (CSE), also ended higher for the fourth week, with its Selective Categories Index – CSCX – gained 125 points or 1.48 percent to close the week at 8,583 points.
The total turnover for the week stood at BDT 37.36 billion against BDT 38.36 billion the week before.
The daily turnover for the week averaged BDT 7.47 billion, registering a decline of 2.6 percent over the previous week’s averaged BDT 7.67 billion.
“The market extended its winning streak amid hope that upcoming budget would be congenial to capital market and industries would get budget boost,” said LankaBangla Securities, in its weekly analysis.
IDLC Investments, a merchant bank, said, “The week remained volatile while initial gain was partly subdued due to profit realisation by investors”.
The merchant bank noted that in anticipation of favorable directions in the upcoming budget as well as declining interest rate, enhanced liquidity in the money market and favorable macro-economic scenario and further political stability helped to regain confidence among the investors.
“Expectation of market-friendly policies in the forthcoming budget and enduring gaining spell helped the investors to become confident,” said International Leasing Securities, a stock broker, in its weekly analysis.
Losers, however, took a lead over the gainers as out of 322 issues traded, 203 declined, 108 advanced and 11 remained unchanged on the DSE trading floor.
Two listed companies – Delta Life Insurance and Familytex (BD) recommended dividend last week. Delta Life Insurance recommended 20 percent cash while Familytex recommended 10 percent stock dividend.
KPCL was remained the week’s top turnover leader with shares worth BDT 2.64 billion changing hands during the week followed by United Power, BSCCL, Beximco and RAK Ceramics and Summit Alliance Port.
Bangladesh Steel Re-rolling Mills was the week’s best performer, posting a rise of 32.28 percent while Familytex was the week’s worst loser, plunging by 16.85 percent.
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