Stocks rise for 3rd week

Staff Correspondent | Published: 23:30, Jun 10,2017 | Updated: 00:24, Jun 11,2017


Dhaka stocks advanced last week, for the third week in a row, when prices of non-bank financial institutions and energy stocks surged as investors were optimistic that the budget’s disputed issues would be resolved.
DSEX, the key index of Dhaka Stock Exchange, advanced by 0.68 per cent, or 37.04 points, over the week to stand at 5,475.75 points on Thursday.
The DSEX gained 76.09-point rise in the last three weeks.
In line with the previous two weeks, the market started the week on Sunday with 5 points up and remained positive for another two trading sessions as investors were enthusiastic following prime minister’s comments regarding the proposed budget, stockbrokers said.
As criticism of the VAT and excise duty rate hike in the proposed budget for 2017-18 fiscal year became widespread, Hasina said that her government would look into those for finding solutions.
The market was positive during the initial part of the week following FY18 budget declaration and ended with a natural correction, said EBL Securities in its market commentary.
Besides the budget optimism, lower prices of most of the scrips after a continued fall in share prices in recent weeks tempted the investors into buying, stockbrokers said.
Among the top gainers, British American Tobacco, United Power Generation and Beximco Pharmaceuticals kept the market buoyant in the week, they said.
On the sectoral point of view, the rise in the prices of non-bank financial institutions and energy shares played an essential role in the market surge last week.
NBFIs, energy and pharmaceuticals rose by 0.93 per cent and 0.88 per cent and 0.74 per cent respectively over the week.
Out of the 23 traded NBFIs, 18 advanced and five declined while out of energy issues, 11 advanced, five declined and two remained unchanged over the week.
As a result, the daily average turnover at the DSE also increased 35.24 per cent to stand at Tk 556.00 crore from that of Tk 411.11 crore in the previous week.
Of the 332 companies and mutual funds traded, 198 advanced, 112 declined and

22 remained unchanged.
DS30, the blue-chip index of the bourse, added 0.71 per cent, or 14.28 points, to close at 2,037.02 points on Thursday.
The Shariah index, DSES, however, increased 0.75 per cent, or 9.39 points, to close at 1,268.33 points.
MJL Bangladesh topped the turnover leaders’ chart for the third week with its shares worth Tk 121.37 crore changing hands in last week.
LankaBangla Finance, Beximco Pharmaceuticals, Shajibazar Power Company, United Power Generation, BRAC Bank, IFAD Autos, Paramount Textile, Argon Denims and Ratanpur Steel Re-Rolling Mills were the other turnover leaders.
Central Pharmaceuticals gained the most during the week with a 12.55 per cent rise in its share prices, while National Bank declined the most, shedding 17.42 per cent.

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email