Stocks post a rise despite nervy trade

Stocks gained last week, the first of the new fiscal year, as investors sold shares to pocket profits.
DSEX, the prime index of Dhaka Stock Exchange, went up 26.78 points or 0.61 percent, to close at 4,436.21. The week featured four trading sessions instead of five as trading was suspended for bank holiday on Tuesday.
Finance Bill 2014 and National Budget 2014-15 were duly passed last week, leaving a bundle of opportunities for capital market, and especially for investors, said IDLC Investments.
The withdrawal of the proposed capital gain tax and continuation of 10 percent tax exemption by companies giving 30 percent or more dividends influenced investors quite favourably, it said.
The week started with steep gains, but the following trading sessions took continuous beating from profit booking and portfolio re-balancing from investors' cashing out mania, said the investment banker.
"Investors are still apathetic about the market. Those who had bought shares for tax purposes probably are selling now," LankaBangla Securities said
The market's next direction will be dependent on second quarter (April to June) earnings. From the end of next week, earnings figures will start coming, the stockbroker added.
Daily average turnover advanced 11.98 percent to Tk 322 crore, compared to the previous day.
The gainers barely beat the losers as 140 advanced, 137 declined and 28 issues remained unchanged out of the 305 issues that traded on the DSE this week. All the major sectors ended in green except telecoms that lost 0.94 percent.
Foods posted the highest gain of 7.86 percent thanks to the heavy-weight British American Tobacco, which gained 9.9 percent.
It was followed by non-bank financial institutions with 3.05 percent, banks 1.16 percent, power 0.70 percent and pharma 0.62 percent.
Beximco Ltd dominated the week's top turnover chart with 2.97 crore shares worth Tk 99 crore changing hands followed by Grameenphone, Lafarge Surma Cement, Appollo Ispat, and United Airways.
Fine Foods was the week's top gainer, posting a rise of 21.99 percent, while Meghna Life Insurance was the worst loser, slumping by 13.67 percent.