Stocks end 4-week bear run on bargain hunting
Dhaka stocks rebounded in the past week breaking four-week losing streak as investors went for bargaining, hunting share purchase.
DSEX, the key index of Dhaka Stock Exchange, gained 1.41 per cent, or 75.39 points, over the week to finish at 5,418.28 points on Thursday, the last trading session of the week after losing 257.74 points in the previous four weeks.
The market remained positive in the first four days of the week as investors went for bargaining, hunting share purchasing from the bearish market, market operators said.
They said that the capital market intermediaries on September 27 met with the market regulator— Bangladesh Securities and Exchange Commission to discuss about finding ways for overcoming the continuous downfall in the market.
The regulator assured the stakeholders that it would take necessary measures to stable the market that drew attentions of many investors.
Ridding on investors’ bargain hunting move, the average share prices of textiles, energy, bank and non-bank financial institution advanced 5.8 per cent, 3.8 per cent, 2.6 per cent and 1.4 per cent respectively.
Out of the 30 traded bank scrips, 27 advanced, just one declined and two remained unchanged while out of the 23 traded NBFIs, 16 advanced, just six declined and one remained unchanged.
Among the large capitalised scrips, surge in share prices of Khulna Power Company, United Power Generation Company, BRAC Bank and Investment Corporation of Bangladesh helped the market to rebound on the week.
Some investors gradually returned to the market over the week after observing improvements in the market after the regulatory moves.
The market had dropped in the previous four weeks on concerns about the political uncertainties surrounding the political activities ahead of the national election due in four months.
On the other hand, share prices of food, telecommunication, miscellaneous and pharmaceuticals declined by 1.6 per cent, 0.8 per cent, 0.4 per cent and 0.2 per cent respectively.
The daily average turnover on the bourse increased to Tk 575.80 crore in last week from Tk 569.95 crore in the previous week.
Out of the 341 traded issues, 219 advanced, 93 declined and 31 issues remained unchanged.
DS30, the blue-chip index of DSE, also added 0.72 per cent, or 13.53 points, to close at 1,898.36 points over the week.
Shariah index DSES advanced 1.68 per cent, or 20.70 points, to close at 1,250.72 points.
Khulna Power Company led the turnover chart with its shares worth Tk 235.16 crore changing hands.
United Power Generation & Distribution Company, IFAD Autos, Active Fine Chemicals, BBS Cables, Monno Ceramic Industries, Intech Limited, SK Trims Industries, VFS Thread Dyeing and Dragon Sweater and Spinning were the other turnover leaders.
Asia Pacific General Insurance Company gained the most in the week with a 36.57 -per cent increase in its share prices, while National Life Insurance Company was the worst loser, shedding 19.58 per cent.
Source: http://www.newagebd.net