Dhaka stocks rose in last week amid an increased turnover as investors became optimistic about the shares of bank and other financial companies.
DSEX, the key index of Dhaka Stock Exchange, increased by 4.26 per cent, or 21.41 points, over the week to close at 4,698.54 points on Thursday.
In the previous two weeks, the DSEX had gained 36.66 points.
The average daily turnover at the bourse increased by 4.87 per cent to Tk 618.12 crore from that of Tk 589.44 crore in the previous week.
The market started the week on a negative note and witnessed two losing sessions on Sunday and Monday amid disappointing quarterly earnings announcements by around 45 companies and spot transactions of around 30 companies, said market operators.
The market turned around on Tuesday amid bargain hunting by a section of investors and continued to rally for the next two days when shares of banks and other financial institutions became investors’ preferred items.
Among the last week’s top gaining sectors, ceramic gained 5.2 per cent, general insurance 3.2 per cent, banks 2.7 per cent and life insurance 2.7 per cent.
Of the 330 companies and mutual funds traded, 152 advanced, 151 declined and 25 remained unchanged.
‘The market momentum was primarily driven by EPS [earnings per share] declarations. Almost all the companies disclosed their EPS of Q1 2017, on the basis of which investors continued to re-balance portfolios,’ said IDLC Investments in its weekly market commentary.
LankaBangla Securities Limited in its weekly market summary said that the result of the US election had no impact on the performance of the Bangladesh stock market due to having a largely insulated economy.
DS30, the blue-chip index of the bourse, finished at 1,758.46 points, adding only 0.02 per cent or 0.30 points.
The Shariah index, DSES, inched up 0.02 per cent, or 0.22 points, to close at 1,122.70 points on Thursday.
Bangladesh Building System led the turnover chart in the week with its shares worth Tk 123.74 crore changing hands.
The other turnover leaders in the week were Shasha Denims, Square Pharmaceuticals, Quasem Drycells, Golden Harvest, Confidence Cement, National Tubes, Doreen Power Generations and Systems, Eastern Housing and Power Grid Company of Bangladesh.
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