Dhaka stocks gain for 5th weeks as energy, textile scrips soar

Staff Correspondent | Updated at 10:06pm on September 01, 2018

Dhaka stocks gained last week, the fifth week in a row, despite a fall in most of the sessions of the week as investors went for buying heavily energy and textile scrips later in the week.
DSEX, the key index of Dhaka Stock Exchange, increased by 0.53 per cent, or 29.44 points, over the week to finish at 5,600.64 points on Thursday, the last trading session of the week. The index gained 296 points in last five weeks.
The trading at the DSE resumed on August 26 after a five-day closure due to Eid-ul-Azha and weekly holidays.
The market posted a marginal gain in the past week as investors continued buying shares from some of the large capitalised sectors, market operators said.
They said that investors turned their focus on the textile sector with an expectation that the government would issue an order cutting tax at source for exports, including that of apparel items, to 0.6 per cent from 1 per cent this week.
The energy sector got the most attention of investors over the week as financial shares faced corrections.
The average share prices of energy, miscellaneous, telecommunication and textile sectors shot by 5.15 per cent, 4.38 per cent, 3.00 per cent and 2.75 per cent respectively that played a vital role in keeping the market afloat.
Out of 19 energy scrips, the share prices of all the issues except one advanced while out of the 49 traded textile scrips, 36 advanced, six declined and seven remained unchanged.
Investors went for selling financial stocks for profits after their gains in recent weeks, market operators said.
The average share prices of banks and non-bank financial institutions dropped by 1.77 per cent and 0.37 per cent respectively.
Out of the 30 traded bank scrips, 25 dropped, just four advanced and one remained unchanged.
‘The DSE is set to receive the fund of Tk 9.46 billion from its Chinese strategic partner in a week, which triggered the index to exceed 5,600-points mark,’ said EBL Securities in its weekly market commentary.
The daily average turnover on the bourse increased to Tk 583.94 crore in last week from Tk 502.94 crore in the previous week.
Out of the 338 traded issues, 181 advanced, 138 declined and 19 issues remained unchanged.
DS30, the blue-chip index of the DSE, added 0.64 per cent, or 12.55 points, to close at 1,960.72 points over the week.
Shariah index DSES added 0.95 per cent, or 11.97 points, to close at 1,269.61 points.
United Power Generation & Distribution Company led the turnover chart with its shares worth Tk 122.09 crore changing hands.
Active Fine Chemicals, National Housing Finance, BBS Cables, LankaBangla Finance, Bangladesh Export Import Company, Khulna Power Company, IPDC Finance, International Leasing and Financial Services and Rangpur Dairy Food were the other turnover leaders.
National Housing Finance gained the most in the week with a 26.60 -per cent increase in its share prices, while Grameen One: Scheme Two was the worst loser, shedding 9.64 per cent.