Buying spree helps stocks end positive
Stocks gained for the second week, powered by investors buying spree of banks and multinational companies' shares.
DSEX, the benchmark general index of the Dhaka Stock Exchange, went up by 103.53 points or 2.25 percent to close at a seven-week high of 4,702.45.
DSES, the shariah index of DSE, rose by 5.31 points or 0.51 percent to close at 1,040.24.
Daily average turnover of the week stood at Tk 495 crore, registering an increase of 13.29 percent over the previous week.
"Market rally was mainly dominated by banking and multinational corporations stocks. Probably investors are sensing good first quarter results for banks and MNCs," said LankaBangla Securities.
"Banks with large treasury bond portfolio are supposed to observe healthy capital gain as interest rates of treasury bonds have gone down in recent auctions."
The second highest return yielding sector was telecom, which was mainly driven by Grameenphone.
"The bourses passed a positive week with the shuffle of investors' preference and subsequently swapping across sectors and scrips," IDLC Investments said in its market analysis.
Meanwhile, the large-cap segment slowed a bit, while remaining ones showcased better performance, the investment banker said.
"Throughout the week, investors also continued re-balancing their position on the basis of corporate declarations as well as the first quarter's earnings expectation," it said.
“Starting with positive news of export growth especially in the textile sector, the market vibrated throughout the week.”
At the later part of the week, the bourse moved up on the basis of corporate news, Grameenphone's entrance in WiMax services and Glaxo SmithKline and Novartis's business re-structuring, it said.
Gainers took a lead over the losers as out of the 302 issues traded, 198 advanced, 97 declined and seven issues remained unchanged on the DSE trading floor.
Among the major sectors, the banking sector attracted investors the most as the sector rallied up last week with the highest gain of 6.79 percent followed by telecoms 5.33 percent and pharma 2.42 percent.
Non-bank financial institutions advanced marginally by 0.57 percent, while power lost 1.23 percent and foods 1.23 percent.
GP dominated the week's top turnover chart with 71.28 lakh shares worth Tk 188 crore changing hands, followed by Meghna Petroleum, Lafarge Surma Cement, Olympic Industries and Heidelberg Cement.
Prime Bank was the week's top gainer, posting a rise of 19.40 percent, while Familytex was the worst loser, slumping by 42.35 percent.
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