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DSE Weekly Review

Dhaka stocks rise slightly on single-session gain

Staff Correspondent | Published: 23:02, Jul 18,2020

 
 

Dhaka stocks rose slightly in the past week riding on the gain of just one trading session as investors remained cautious as coronavirus outbreak continued to intensify in the country.

DSEX, the key index of the Dhaka Stock Exchange, gained 0.19 per cent, or 7.55 points, to close at 4,069.11 points on the last trading session on Thursday.

The DSEX gained 108.56 points in the past four weeks.

Despite losses in four out of the five trading sessions of the week, the 37.85-point gain on Sunday was enough to keep the key index afloat in the past week, market operators said.

They said that a section of investors went for profit taking through share sales after gains in the last few weeks while others continued to go bargain hunting which saved the market from big falls.

After the recent rally, some investors became cautious and went for selling off shares to avoid any unforeseen losses.

Besides, the rally facilitated some investors to sell shares which had remained stuck on the floor price restriction.

The worsening of the coronavirus situation in the country meant immediate recovery from the crisis was uncertain.

It may take the corporates longer to recover their losses incurred due to the pandemic.

The number of deaths from the virus reached 2,496 in the country while the tally of coronavirus cases went up to 1,96,323 until Thursday.

EBL Securities in its weekly market commentary said, ‘Index displayed volatility as some investors took fresh positions at the lowest possible prices following floor price system and several investors followed the cautious stance over the long-term impact of Covid-19 on the macro-economy of the country which hit export target, sales of savings instrument, private savings and investment.’

Out of the total 358 shares traded last week, prices of 79 advanced, 100 declined and 179 remained unchanged.

Daily average turnover on the DSE advanced to Tk 301.6 crore in the past week compared to the turnover of Tk 188.11 crore in the previous week.

Shariah index of the bourse DSES also added 0.73 per cent, or 6.85 points, over the week to close at 945.81 points.

DS30, the blue-chip index of the DSE, however, declined by 0.04 per cent, or 0.61 points, and closed at 1,368.76 points.

Beximco Pharmaceuticals topped the turnover chart with shares worth Tk 80 crore changing hands in the past week.

Square Pharmaceuticals, Indo-Bangla Pharmaceuticals, the Bangladesh Submarine Cable Company, Grameenphone, Orion Pharmaceuticals, LankaBangla Finance, Nahee Aluminium, Beacon Pharmaceuticals and Monno Ceramics were the other turnover leaders.

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