Dhaka, Bangladesh (BBN) – Bangladesh’s stocks rebounded strongly in the outgoing week as optimistic investors showed their buying spree on large-cap shares.
Week on week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 112 points or 2.32 per cent to settle at 4,968, after losing 381 points in the past four straight weeks.
The central bank’s market supportive measures coupled with the government move to quick resolve Grameenphone’s spat with the telecom regulator boosted investors’ confidence in some extent, according to market experts.
The government and top mobile phone operator have reached a consensus over settling the long disputed audit claims amicably which made investors optimistic.
They also said bargain hunters showed their appetite on selective large-cap shares, particularly on heavyweight GP, amid positive news surrounding the GP.
The GP, which is the largest company by capital, soared 7.19 per cent, contributing nearly 54 points of the index’s rise alone during the week.
Two other indices also closed higher. The DS30 index, comprising blue chips, rose 33.02 points to finish at 1,768 and the DSE Shariah Index gained 25.31 points to close at 1,148.
The weekly total turnover on the prime bourse stood at BDT 19.57 billion, up from BDT 18.98 billion in the week before.
The daily turnover averaged out at BDT 3.91 billion, up 3.16 per cent from the previous week’s average of BDT 3.79 billion.
The market capitalisation of the DSE also rose 2.05 per cent to BDT 3,765 billion on Thursday, from BDT 3,689 billion in the previous week.
Most of the major sectors showed positive performances, with telecom sector posted the highest gain of 7.06 per cent, followed by banking with (2.65 per cent), non-bank financial institutions (2.43 per cent), food (2.12 per cent), pharma (2.11 per cent) and engineering (1.87 per cent).
Only power sector lost 0.73 per cent.
Gainers outnumbered the losers, as out of 355 issues traded, 252 closed higher and 76 lower while 27 issues remained unchanged on the DSE floor in the outgoing week.
GP dominated the week’s turnover chart, with shares worth BDT 963 million changing hands during the week.
Sonar Bangla Insurance was the week’s best performer, posting a gain of 28.57 per cent while the Fortune Shoes was the worst loser, shedding 12.97 per cent.
On the other hand, the Chittagong Stock Exchange (CSE) also ended higher with its CSE All Share Price Index – CASPI – soaring 323 points to settle at 15,083 and the Selective Categories Index – CSCX – rising 201 points to finish the week at 9,061.