Dhaka, Bangladesh (BBN)-Bangladesh’s stocks returned to green last week that ended on Thursday, after previous week’s mild correction, as optimistic investors went on buying spree amid budgetary expectations.
Finance Minister AMA Muhith on Thursday proposed to waive small investors from the income tax charged on margin loans and interest waived up to BDT 1.0 million for the fiscal year 2016-17, keeping the existing provisions remained unchanged.
The week witnessed five trading sessions as usual. Of them, three sessions ended higher, while two sessions saw marginal correction.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 58.04 points or 1.32 per cent to settle the week at 4,446.09 points.
The two other indices also ended higher. The DS30 index, comprising blue chips, soared 53.22 points or 3.12 per cent to finish at 1,761.18 points.
The DSE Shariah Index advanced 20.39 points or 1.89 per cent to close at 1,096.98 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended higher with its Selective Categories Index, CSCX, advancing 104.05 points or 1.27 per cent to settle at 8,329.70.
The total turnover for the week stood at BDT 21.69 billion, which was 45.75 per cent higher than the previous week’s total of BDT 14.88 billion as last week saw five trading sessions instead of previous week’s four.
The daily turnover averaged BDT 4.34 billion, registering an increase of 16.6 per cent over the previous week’s average of BDT 3.72 billion.
International Leasing Securities, a stockbroker, said, “Investors’ participation increased notably throughout the week considering the expectation of market oriented national budget for the fiscal year 2016-17”.
LankaBangla Securities, a stockbroker, said, “The prime index made significant move last week amid increased market volatility as budget chatter gripped the investors mind throughout the week”.
IDLC Investments, “The market observed rising activities last week, coupled with sector and issue specific movements, as expectations for budgetary incentives came into play”.
Gainers took a modest lead over the losers as out of 326 issues traded, 170 closed higher, 131 closed lower and 25 remained unchanged on the DSE trading floor during the week.
Lafarge Surma Cement dominated the week’s turnover chart with 16.18 million shares worth BDT 1.28 billion changing hands, followed by Titas Gas, Shahjibazar Power Company, United Airways and United Power.
HR Textiles was the week’s best performer, posting a gain of 25.64 per cent, while National Bank was the week’s worst loser, slumping by 13.68 per cent following its price adjustment after record date last week.
BBN/SK/AD