Dhaka, Bangladesh (BBN)- Dhaka stocks entered into green zone after breaking three straight weeks’ losing streak thanks to the regulators’ sincere approach to improve the market that slightly reduced down the investors’ bearish sentiment.
The market witnessed five trading sessions as usual. Among those, DGEN gained 93.63 points in three trading sessions while two sessions lost 71.90 points.
Week-on-week, the General Index of the Dhaka Stock Exchange (DSE), DGEN, went up by 21.73 points or 0.56 percent to close at 3,935.96.
The other two indices, DSEX advanced 12.95 points or 0.34 percent to close at 3,845.81, while the DS30 went up by 19.54 points or 1.40 percent to end at 1,411.89.
“The market edged higher after three consecutive weeks of losing streak as the investors’ bearish sentiment was slightly assuaged by the regulators’ earnest approach toward the market betterment,” commented LankaBangla Securities, a stock broker, in its weekly market analysis.
However, decreasing volume of the market is indicating that sellers might exhaust after consecutive correction of the market over the last three weeks, mentioned the stock broker.
Simultaneously, the investors were utmost cautious in taking further investments position due to ongoing political unrest across the country, the stock broker added.
Total turnover for the week deteriorated further and came down to BDT 9.04 billion which was 24.4 percent lower than the previous week’s value of BDT 11.96 billion.
Consequently, the daily average turnover value of the week declined by 24.4 percent to BDT 1.80 billion compared to previous week’s average BDT 2.39 billion.
The major sectors posted mixed results in the week. Fuel and power was the highest gainer that gained 2.53 percent followed by telecommunications 2.10 percent. Banks advanced marginally by 0.40 percent, while non-banking financial institutions (NBFIs) and pharmaceuticals lost 1.27 percent and 0.45 percent respectively.
Of the total 288 companies and mutual funds traded during the week, 107 advanced, 169 declined and 12 remained unchanged with no change in market capitalization during the week that stood at BDT 2,295 billion.
Six listed companies-Standard Bank, Active Fine, Uttara Finance, Dhaka Bank, Mercantile Bank and Rupali Insurance-made their corporate declaration during the week.
Summit Purbanchol Power Company dominated the week’s top turnover list with shares worth BDT 719.96 billion changed hands.
It was followed by Unique Hotel and Resorts, Golden Harvest Agro Industries, Premier Cement, United Airways, Global Heavy Chemical, Argon Denims, Beximco Limited, BSCCL and RN Spinning.
Modern Dyeing was the week’s highest gainer posting a rise of 11.60 percent followed by Al-Haj Textile, BSCCL, Bangas, Third ICB, Uttara Bank, Mutual Trust Bank, Jamuna Oil, Titas Gas and Eighth ICB Mutual Fund.
The week’s worst losers included Global Heavy Chemicals, Eastland Insurance, Premier Cement, Summit Purbanchol Power Company, United Leasing, Golden Harvest Agro Industries, EBL NRB Mutual Fund, Sinobangla Industries, Aramit Cement and Northern General Insurance.
BBN/SSR/AD-16Mar13-10:35 am (BST)
