Financial scrips power stocks’ gain

Dhaka stocks advanced in the past week amid a surge in share prices of two-third scrips as investors went for bargain hunting share buying, especially from the financial scrips after their recent losses.
DSEX, the key index of Dhaka Stock Exchange, gained 0.98 per cent, or 51.55 points, to close at 5,332.81 points on Thursday, the last trading session of the week after losing 24.70 point in the previous week.
The core index remained positive in the first four sessions of the week, before profit taking in the final session, as a section of investors went on bargain hunting share purchasing from the bearish market as they found the time suitable for investment. 
The investors turned their focus on the financial scrips after their continuous fall in recent weeks.
Therefore, the financial sectors led the surge on the week with a rise in average share prices of bank and non-bank financial institution advanced 2.1 per cent and 1.8 per cent respectively.
Out of 30 traded bank scrips, 24 advanced, just five declined and one remained unchanged while out of 23 traded NBFIs, 21 advanced and just two declined.
Some investors anticipated that the market would be better after the general election scheduled for December 30.
Market experts said that there had been no major political unrest surrounding the election so far, which might have raised some investors’ confidence over the market.
Average share prices of cement, energy and telecommunication also gained by 3.2 per cent, 0.4 per cent and 0.1 per cent respectively. 
Among the large capitalised scrips, a surge in share prices of BRAC Bank, Lafarge Holcim, Investment Corporation of Bangladesh and Grameenphone contributed most on the week’s surge.
The DSEX fell in the last trading session on Thursday amid media reports about rising bad loans in the country’s banking sector on the day, they said.
The media reported that the defaulted loans in the banking sector reached Tk 99,370 crore, rising by 11.23 per cent or Tk 10,030 crore in July-September from the previous quarter ending in June.
Some investors preferred to be in the side line over the week to observe the current political activities ahead of the national polls.
Average share prices of miscellaneous, pharmaceuticals and textile sectors dropped 2.7 per cent, 1.0 per cent and 0.1 per cent respectively. 
EBL Securities in its weekly market commentary said ‘Investors’ sentiment remained positive throughout the week as they started taking fresh position & also adopted watchful stance ahead of national election.’
The daily average turnover on the bourse, however dipped further to Tk 600.70 crore in last week from Tk 630.77 crore in the previous week.
Out of the 346 traded issues, 224 advanced, 100 declined and 22 remained unchanged.
DS30, the blue-chip index of DSE, added just 0.05 per cent, or 0.92 points, over the week to close at 1,862.49 points.
Shariah index DSES also gained 0.06 per cent, or 0.73 points, to close at 1,224.20 points.
Saiham Cotton Mills led the turnover chart with its shares worth Tk 79.11 
crore changing hands in the week.
Dragon Sweater, Advent Pharma, Paramount Textile, United Power Generation and Distribution Company, ML Dyeing, Khulna Power Company, Indo-Bangla Pharmaceuticals, Western Marine Shipyard and SK Trims & Industries were the other turnover leaders.
Sonali Aansh gained the most in the week with a 48.90-per cent increase in its share prices, while ML Dyeing was the worst loser, shedding 17.09 per cent.
Source: http://www.newagebd.net

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