Dhaka, Bangladesh (BBN)- Bangladesh’s stocks saw a marginal gain last week that ended on Thursday as the investors’ intention was profit booking and re-balancing of portfolio.
Last week featured five trading sessions as usual. Of them, three sessions closed higher while two sessions saw marginal correction amid profit taking sale.
DSEX, the prime index of the Dhaka Stock Exchange (DSE) stayed above the 4,500 points level for the last three weeks and ended at 4,577.99 points, gaining 30.94 points or 0.68 percent.
The DS30, comprising blue chips almost unchanged with gaining 0.04 points to close at 1,726.48 points. The DSE Shariah Index advanced 4.42 points or 0.42 percent to close at 1,066.12 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended marginally higher with its Selective Categories Index - CSCX – went up by 98.97 points or 1.15 percent to close at 8,658.38 points.
The week’s total turnover improved to BDT 34.51 billion which was 31.12 percent higher over the previous week’s total turnover of BDT 26.32 billion. The total turnover improved as last week saw five trading sessions compared to the previous week’s four.
The daily turnover for the week averaged BDT 6.90 billion, registering an increase of 4.90 percent over the previous week’s average BDT 6.58 billion.
IDLC Investments said: “Fresh fund injections, especially in large cap stocks aided further spike in market activities and kept market sentiment upbeat”.
“The benchmark index of DSE is still hovering around its resistance of 4,600-level which it is trying to break for the last couple of weeks,” said LankaBangla Securities.
Zenith Investments said: “The overall market condition still looks quite promising, as funds are cycling quickly in and out of stock market through profit taking and reinvestment”.
Losers outpaced gainers as out of 307 issues traded, 152 declined, 136 gained and 19 remained unchanged on DSE floor during the week.
Beximco Limited dominated the week’s top turnover chart with shares worth BDT 2.48 billion changing hands followed by MJL Bangladesh, BSRM Steels, Beximco Pharma and GP.
Agni System was the week’s top gainer, posting a rise of 38.61 percent while Pragati Life Insurance was the week worst loser, plunging by 26.69 percent following it’s no dividend declaration and placed in the ‘Z’ category.
BBN/SSR/AD-29Aug14-11:58 pm (BST)