Dhaka Stocks gain for 3rd week with higher turnover

Staff Correspondent | Published: 00:00, Jan 06,2019 | Updated: 21:43, Jan 05,2019


Dhaka stocks jumped last week, extending the gaining streak to the third consecutive week, amid a strong participation of investors as political tensions in the country eased after the December 30 general election.
The daily average turnover on Dhaka Stock Exchange soared by 75 per cent to Tk 717.18 crore in last week from Tk 409.41 crore in the previous week.
DSEX, the key index of DSE, added 3.80 per cent, or 204 points, to close at 5,590.47 points on Thursday, the last trading session of the week.
The DSEX gained 338.62 points in last three weeks.
In line with the previous week, the core index gained in all the three trading sessions of the week as investors increased investments at the market after the 11th parliamentary polls.
The week was a shortened one as trading at DSE remained closed on December 30 and 31 for polls and bank holidays.
Market operators said that investors increased their participation on the trading floor as political tensions started waning after the national elections.
In the polls, the Awami League-led ruling alliance won a landslide with 288 seats while the opposition alliance led by Bangladesh Nationalist Party secured just seven.
EBL Securities in its weekly market commentary said that investors kept up their hope as the market was going through a positive run and they opted to take fresh position on sector-specific stocks after the national elections.
Market operators said a number of businesspersons linked with certain listed companies were elected members of parliament in the elections that encouraged investors to buy the shares of those companies.
Besides, some investors went on bargain hunting after a bearish last year as DSEX lost 859 points in 2018 on political uncertainties.
Financial sectors, with a 5.8-per cent surge in share prices of non-bank financial institutions and 4.2 per cent of banks led the market surge last week.
Out of the 30 traded bank scrips, share prices of all of them advanced while out of the 23 NBFIs, 18 advanced, three declined and two remained unchanged over the week.
Average share prices of textile, energy and pharmaceutical sectors gained 6.5 per cent, 6.4 per cent and 1.2 per cent respectively.
Out of the 347 traded issues, 312 advanced, 29 declined and six remained unchanged.
Share prices of food and telecommunications declined by 1.3 per cent and 0.2 per cent respectively.
DS30, the blue-chip index of DSE, added 3.25per cent, or 61.21 points, over the week to close at 1,941.99 points.
Shariah index DSES increased by 3.13 per cent, or 38.54 points, to close at 1,271.37 points.
BBS Cables led the turnover chart with its shares worth Tk 88.86 crore changing hands in the week.
Bangladesh Export Import Company, Paramount Textile, Saiham Cotton Mills, IFAD Autos, Khulna Power Company, JMI Syringes & Medical Devices, United Power Generation Company, Shepherd Industries and BDCOM Online were the other turnover leaders.
United Insurance Company gained the most in the week with a 23.51-per cent increase in its share prices, while Pragati Life Insurance was the worst loser, shedding 5.32 per cent.

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