Dhaka, Bangladesh (BBN)- Country’s stocks extended gaining streak for the fifth straight week that ended on Thursday with turnover dropping slightly as optimistic investors remained on the buying mode.
Week-on-week, the prime index of Dhaka Stock Exchange (DSE) -- DSEX went up by 50.51 points or 1.07 per cent to close the week at 4,753.17 points.
The week featured all five trading sessions. Among them market closed higher three trading sessions while two sessions saw mild correction.
However, the other two indices went down marginally during the week. The blue chip index DS30 retraced 3.75 points or 0.23 per cent to close at 1,660.36 points while the Shariah compliant index DSES lost 2.07 points or 0.21 per cent to close the week at 974.27 points.
The Chittagong Stock Exchange (CSE) ended higher, with its Selective Categories Index -- CSCX gained 132.83 points or 1.43 per cent to close the week at 9,366.97 points.
The total turnover for the week stood at BDT 36.09 billion which was BDT 36.98 billion in the previous week. The average daily turnover amounted to BDT 7.21 billion, registering 2.41 per cent decline over the previous week’s average BDT 7.39 billion.
Market primarily tends to remain bullish as money market is very highly liquid and loan demand from entrepreneurs is still very low, market operators said.
“Stocks have registered modest gains and gracefully closed the week with decent turnover volume. Stocks’ refraining from trading lower is clear evidence that investors are favoring all kinds of stocks,” Zenith Investments said.
The gainers and lowers were almost same as out of 300 issues traded during the week, 140 advanced, 146 declined and 14 remained unchanged on DSE floor, the DSE data showed.
Three listed company – HR Textile, Makson Spinning and Prime Finance First Mutual Fund made corporate declaration in the week. HR Textile declared 15 per cent cash, Makson Spinning recommended 5 per cent bonus and Prime Finance First Mutual Fund declared 10 per cent cash dividend in the week.
The major sectors saw mixed performance in the week. Food & allied which now comprised 7.4 per cent of the total equity market cap following the inclusion of Olympic Industries.
The sector posted an impressive gain of 9.3 per cent, mainly owing to the large cap BATBC which gained 13.6 per cent during the week and featured in the top gainers chart. Banks and telecommunications also went up by 2.85 per cent and 0.38 per cent respectively. Pharmaceuticals and non-banking financial institutions (NBFIs) ended in red with 1.86 per cent and 1.64 per cent loss respectively.
The market capitalisation of the DSE went up slightly by 0.56 per cent as it was BDT 2,859.60 billion at the opening day of the week and it stood at BDT 2,875.71 billion in closing day of the week.
Meghna Petroleum dominated the week’s top turnover chart with shares worth BDT 1.33 billion changing hands during the week followed by Padma Oil, Square Pharma, UCBL and Olympic Industries.
Rahim Textile was the week’s top gainer, posting a rise of 30.70 per cent while Bangas was the week’s worst losers, slumping by 11.48 per cent.
BBN/SSR/AD-01Feb14-9:30 pm (BST)