Stocks pass flat week amid cautious trading

Staff Correspondent | Published: 23:10, Nov 12,2016

 
 

Dhaka stocks inched up last week as investors went for profit booking amid post-US election cautiousness in line with the global markets.
The key index of Dhaka Stock Exchange, DSEX, finished at 4,677.14 points, adding just 0.09 per cent or 4.26 points after increasing 36.64 points in the previous week.
After the rise in previous week, sluggish market movement was observed in the first three trading sessions of last week amid annual corporate declaration of a number of entities and profit booking by a section of investors, stockbrokers said.
The market, however, fell by 19 points on the fourth trading session of the week after gaining 28 points in first three trading sessions of the week mainly due to investors’ cautious participation on the trading floor following the victory of US Republican presidential candidate Donald Trump, creating immediate pessimism among the investors in global markets, they said.
The country’s premier bourse, however, inched up on the last trading session of the week, as did the global markets, saving from a negative ending of the session, stockbrokers said.
Apart from these, corporate declaration-centric investments movement were also observed during the week, they said.
Daily average turnover of the bourse increased to Tk 589.44 crore compared with that of Tk 436.78 crore in the previous week.
Of the 328 companies and mutual funds traded, 134 advanced, 173 declined and 21 remained unchanged.
‘Positive momentum followed this week, adding 4.3 points more to the broad index to close at 4,677.1 points,’ said IDLC Investments in its market commentary.
‘Besides, almost all the companies disclosed their corporate declaration and year end earning for the June, 2016 while Q1 earning for the year 2017 became due which has been creating expectation among the investors,’ it said.
‘Benchmark index DSEX changed only around 5 points in positive direction this week,’ it said.
‘Market held up strongly ending the last trading session in green despite Trump’s victory sparked panic on global markets earlier,’ the stockbroker said.
DS30, the blue-chip index of the bourse, finished at 1,758.16 points, rising only 0.02 per cent or 0.39 points.
The Shariah index, DSES, inched up by 0.40 per cent or 4.42 points, to close at 1,122.48 points on Thursday.
Confidence Cement led the turnover chart of the week with its shares worth Tk 153.87 crore changing hands.
Doreen Power Generations and Systems, Shasha Denims, Square Pharmaceuticals, Apex Footwear, MJL Bangladesh, Bangladesh Building Systems, Quasem Drycells, BRAC Bank and Bangladesh Steel Re-Rolling Mills were other turnover leaders.
Shasha Denims gained the most during the week with a 31.41 per cent rise in its share prices, while Rahima Textile Mills was the worst loser, shedding 27.42 per cent. 

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