Dhaka stocks rebound after two-week losing spell

Staff Correspondent | Published: 23:02, Oct 07,2017 | Updated: 23:51, Oct 07,2017

 
 

Dhaka stocks rebounded last week after a two-week fall as banks soared on investors’ fresh investment moves.
DSEX, the key index of Dhaka Stock Exchange, increased by 1.80 per cent, or 109.5 points, over the week to close at 6,202.31 points on Thursday after losing 111 points in the previous two weeks.
The equity market started the week on a positive note that sustained for the whole week as investors made fresh investment after taking profit in the previous two weeks, stockbrokers said.
They said media reports that the net foreign investment at the DSE soared by 450 per cent in September compared with that in the previous month also prompted investors to expand their investment at the capital market.
The market broke the two-week negative spell as bank shares rebounded with strength, rocketed by 5.27 per cent with holding more than half of the week’s turnover, market operators said.
An increased fund flow to the bank sector helped the market to regain the position of 6,202 points in the week, they said.
Of the 30 traded bank scrips, all of them except two advanced over the week. The average share prices of banks surged by 9.6 per cent in one month.
Apart from banks, the average share prices of non-bank financial institutions, cement and telecommunications increased by 3.3 per cent, 1.00 per cent and 0.9 per cent respectively.
On the other hand, textile, pharmaceuticals and engineering declined by 0.42 per cent, 0.4 per cent and 0.2 per cent respectively over the week.
The daily average turnover on the bourse also soared by 33.22 per cent to Tk 917.51 crore compared with that of Tk 688.71 crore in the previous week.
‘The capital bourse of the country observed a positive vibe throughout the week due to investors’ optimistic behaviour towards the market,’ said EBL Securities in its weekly market review.
‘Throughout the week, the market experienced shining performance as investors increased participation with heavy buoyancy targeting at mostly bank and IT issues,’ it said.
Of the 335 companies and mutual funds traded, 173 advanced, 137 declined, and 25 remained unchanged.
DS30, the blue chip index of the DSE, advanced by 1.09 per cent, or 23.82 points, to close at 2,201.44 points over the week.
The Shariah index of the bourse, DSES, added 0.30 per cent, or 4.05 points, to close at 1,349.91 points.
EXIM Bank led the turnover chart in the week with its shares worth Tk 171.57 crore changing hands.
Aamra Networks, Islami Bank, Premier Bank, LankaBangla Finance, Uttara Bank, National Bank, Dhaka Bank, Shahjalal Islami Bank, and City Bank were the others turnover leaders.
Sonar Bangla Insurance gained the most in the week with a 21.20 per cent increase, while Northern Jute Manufacturing Company was the worst loser, shedding 30.50 per cent.

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