Power sector keeps stocks afloat for 2nd week

Dhaka stocks advanced marginally in the past week, stretching the gains to second week, mainly due to rise in share prices of power sector amid cautious trading.
DSEX, the key index of Dhaka Stock Exchange, gained 16.74 points, or 0.31 per cent, over the week finishing at 5,435.01 points on Thursday, the last trading session of the week.
DSEX had gained 75.39 points in the previous week.
Before the two-week rise, the key index had lost 257.74 points in the previous four weeks.
Market operators said that DSEX gained marginally in the past week, despite fall in prices of two-thirds of scrips, because of rise in prices of some large capitalised scrips, especially from the power sector.
They said that investors were cautious in the week keeping eyes on political events along with a Dhaka court’s verdict on the August 21 grenade attack cases.
A Dhaka tribunal on October 10 sentenced former state minister for home Lutfozzaman Babar, former deputy minister Abdus Salam Pintu and 17 others to death and acting Bangladesh Nationalist Party chairman Tarique Rahman and 18 others to life in August 21, 2004 grenade attack cases.
Out of the 343 traded issues, 213 declined, 111 advanced and 19 remained unchanged. Share prices of energy scrips surged by 3.2 per cent on an average. 
Average share prices of food, pharmaceuticals and textile also gained 2.1 per cent, 1.1 per cent and 0.1 per cent respectively that kept the market afloat over the week.
Share prices of Summit Power, Olympic Industries and Khulna Power Company shot by 19.0 per cent, 16.8 per cent and 6.7 per cent respectively.
On the other hand, the market fell in most of the sessions of the week with a decline in share prices of two-thirds scrips as a section of investors went for profit taking share sales from the financial scrips.
Average share prices of bank, telecommunication and non-bank financial institutions dropped 0.3 per cent, 0.22 per cent and 0.2 per cent respectively.
The daily average turnover on the bourse increased by 35.27 per cent to Tk 778.87 crore in last week from Tk 575.80 crore in the previous week.
DS30, the blue-chip index of DSE, also advanced 1.44 per cent, or 27.40 points, to close at 1,925.76 points over the week.
Shariah index DSES gained 1.20 per cent, or 15.03 points, to close at 1,265.75 points.
Khulna Power Company led the turnover chart with its shares worth Tk 441.57 crore changing hands.
United Power Generation & Distribution Company, Summit Power, Dragon Sweater, Active Fine Chemicals, BBS Cables, Olympic Industries, Singer Bangladesh, IFAD Autos and Confidence Cement were the other turnover leaders.
Central Pharmaceuticals gained the most in the week with a 29.31 -per cent increase in its share prices, while Legacy Footwear was the worst loser, shedding 27.41 per cent.
Source: http://www.newagebd.net

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