Dhaka stocks gain marginally
Bizbangladesh.net
Banking on a single-day surge, Dhaka stocks gained marginally in the past week despite the losses in most of the sessions due to the fading psychological impact of the government incentives for the investors.
DSEX, the key index of Dhaka Stock Exchange, gained 0.38 per cent, or 19.81 points, over the week to close at 5,250.60 points on Thursday, the last trading session of the week after losing 56 points in the previous two weeks.
DSEX fell in three out of the five sessions in the past week, but the 104-point gain in the first trading session along with a marginal uptrend in the fourth session outweighed the losses of the index for the week.
The investors went for heavy share buying in the first session of the week following the Bangladesh Bank’s decision to increase banks’ investment limit in the capital market by excluding their investment at unlisted securities for bank’s stocks exposure calculation. The BB also gave Tk 760 crore to state-run Investment Corporation of Bangladesh to revive capital market.
Besides, investors welcomed some of the regulatory moves to prop up the market including tightening of rules of directors’ minimum shareholding obligations and issuance of bonus shares.
The key index, however, plunged in second and third session following the DSE announcement of Runner Automobiles’ listing and debut of the company as the market had little appetite for any new scrip because of lack of demand amid liquidity shortage.
In addition, some Investors also continued with cautious stance in the month of Ramadan and ahead of the national budget when market typically remains slow.
Overall market scenario was dull in the past week as the impact of incentives and reforms in the capital market waned as investors lacked trust and confidence over the market amid the liquidity shortage in the financial market.
Average share prices of general insurance, non-bank financial institution, bank and energy advanced by 5.5 per cent, 2.2 per cent, 1.0 per cent and 0.9 per cent respectively. Average share prices of telecommunication, textile and pharmaceutical sectors dropped by 2.0 per cent, 0.2 per cent and 0.1 per cent respectively.
The daily average turnover on DSE increased to Tk 358.60 crore in the past week from Tk 292.30 crore in the previous week. EBL Securities in its weekly market review said ‘This week started with a flying colour where DSEX had increased by 104.91 points on first trading session following the news of Bangladesh Bank’s decision to exclude investment of banks in unlisted securities from their capital market exposure count.’
‘However, DSEX suffered a fall of 59.56 points in the next day as Runner automobile made its debut in the middle of this week,’ it said Out of the 350 issues traded, 143 declined, 171 advanced and 37 remained unchanged. DS30, the blue-chip index of DSE, added 0.80 per cent, or 14.61 points, to close at 1,832.82 points. Shariah index DSES however, declined by 0.39 per cent, or 4.66 points, to finish at 1,192.90 points.
BRAC Bank led the turnover chart with its shares worth Tk 79.86 crore changing hands in the week. Fortune Shoes, SK Trims and Industries, United Power Generation Company, IFIC Bank, Eastern Bank, Monno Ceramic Industries, Doreen Power, Power Grid Company and Prime Finance were the other turnover leaders.
Global Insurance Company gained the most in the week with a 42.64-per cent increase in its share prices while Rupali Life Insurance was the worst loser, shedding 19.33 per cent.
Source: http://www.newagebd.net
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