Dhaka stocks rebound as large caps gain

Dhaka stocks rebounded last week as a section of investors went for bargain hunting, especially on pharmaceutical and financial scrips after their recent fall.
DSEX, the key index of Dhaka Stock Exchange, advanced by 1.17 per cent, or 61.32 points, to close at 5,305.95 points on Thursday, the last trading session of the week after losing 14.49 point in the previous week.
The core index of DSE posted gain in all the trading sessions of the week as a section of investors went for fresh investment in the market, market operators said.
They said that the investors bought shares on the cheap after the recent bearish trend at the market.
Some investors also anticipated that the market would be better after the national election scheduled to be held on December 30, they said.
Stockbrokers said state-run Investment Corporation of Bangladesh and DSE members tried to keep the market stable by injecting funds.
DSE members have been investing the proceeds (Tk 900 crore) of their share sales to a Chinese consortium and ICB has been injecting the proceeds of Tk 2,000-crore bond sales.
Among the prominent scrips, share prices of Square Pharmaceuticals, City Bank and BRAC Bank advanced by 5.73 per cent, 3.3 per cent and 2.9 per cent respectively over the week.
Average share prices of pharmaceutical, textile, bank and non-bank financial institution advanced by 3.9 per cent, 2.7 per cent, 0.9 per cent and 0.6 per cent respectively.
Out of the 30 traded bank scrips, 21 advanced, five declined and four remained unchanged while out of the 23 NBFIs, 17 advanced, five declined and three remained unchanged.
Stockbrokers said many investors remained cautious on the trading floor amid political uncertainty ahead of the national election.
Average share prices of energy, engineering and telecommunication dropped by 2.3 per cent, 1.01 per cent and 1.0 per cent respectively.
The daily average turnover on the bourse increased by 18.88 per cent to Tk 657.35 crore in last week from Tk 552.95 crore in the previous week.
Out of the 349 traded issues, 154 declined, 163 advanced and 29 remained unchanged.
‘Investors sentiment regarding the market remained positive based on earnings declarations from several companies that satisfied investors expectation and hence investors kept buying stocks for their portfolios,’ said EBL Securities in its weekly market commentary.
DS30, the blue-chip index of DSE, increased by 0.69 per cent, or 12.85 points, over the week to close at 1,868.97 points.
Shariah index DSES also added 1.61 per cent, or 19.44 points, to close at 1,227.55 points.
United Power Generation and Distribution Company led the turnover chart with its shares worth Tk 116.48 crore changing hands in the week.
Khulna Power Company, Intech Limited, Saiham Textile Mills, BRAC Bank, Shepherd Industries, Square Pharmaceuticals, Saiham Cotton Mills, SK Trims & Industries and Wata Chemicals were the other turnover leaders.
Kattali Textile gained the most in the week with a 25.48-per cent increase in its share prices, while Monno Jute Stafflers was the worst loser, shedding 71.68 per cent.
Source: http://www.newagebd.net

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