Stocks upbeat in New Year's first week

Stocks gained during the first week of the year as investors stepped into 2016 with new enthusiasm.

DSEX, the benchmark index of Dhaka Stock Exchange, rose 46.44 points, or 1 percent, to close the week at 4,676.08 points.

IDLC Investments said the market started the first week of the year on a negative note, from which it rebounded in the later part of the week, riding on some positive macro-economic developments and New Year's enthusiasm.

Investors were cheered up by the reports of overall export growth of 6.4 percent year-on-year in 2015 and 2.5 percent growth in remittance in December, it said.

Meanwhile, the merchant bank said Bangladesh experienced a massive growth of 16.8 percent in exports to one of the major markets, the USA, during July-November of 2015. “Accordingly, the DSEX gained a total of 46.4 points throughout the week.”

During the last week, market participation remained quite encouraging with an average turnover of Tk 542.79 crore, which was a 40 percent rise from the previous week.

Among the major sectors, paper and printing stocks rose by the most, of 14.3 percent, during the week, followed by fuel and power at 5.6 percent and IT 5.2 percent.

Conversely, food and allied and life insurance sectors fell 3 percent and 2.4 percent respectively.

Of the 325 issues that traded on the premier bourse, 188 advanced, 114 declined and 23 remained unchanged.

United Power Generation and Distribution Company topped the week's turnover chart with its transactions of 80.05 lakh shares worth Tk 122 crore. Beximco, Beximco Pharma, Emerald Oil Industries and Ifad Autos rounded off the top five positions.

Miracle Industries was the week's top gainer, registering a 30.59 percent increase. Western Marine Shipyard was the biggest loser, registering a drop of 12.68 percent.

Chittagong stocks also rose last week, with the bourse's benchmark index, CSCX, increasing 113.19 points, or 1.32 percent, to finish the week at 8,685.31 points.

Gainers beat losers as 168 advanced and 91 declined, while 15 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 5.31 crore shares and mutual fund units worth Tk 172.75 crore in turnover.