Upward trend continues

FE Team | Published: June 20, 2009 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
Dhaka stocks maintained their upward trend for the sixth consecutive week that ended Thursday with significant increase in turnover.
The Dhaka Stock Exchange (DSE) benchmark General Index (DGEN) gained 60.30 points or 2.19 per cent to finish at 2807.57. All Shares Price Index (DSI) rose 58.83 points or 2.57 per cent to close at 2347.07. Blue chip DSE-20 was up by 38.23 points or 1.76 per cent to finish at 2213.46.
While most of the sectors saw price appreciations during the week, it was evident that people were again attracted to the speculative shares, according to weekly analysis of the Equity Partners Limited (EPL), an investment bank.
Out of 299 issues traded, 184 advanced, 79 declined, one remained unchanged and 35 were not traded in the week.
The average turnover for the week was Tk 6.84 billion, up by 7.22 per cent from previous week's Tk 6.37 billion.
Fundamentally strong sectors like banks gained 3.28 per cent, cement 3.69 per cent and non-banking financial institutions (NBFIs) 4.19 per cent, it said.
After the declaration of annual budget, banks were slightly at vulnerable position as there was no corporate tax cut for them.
However, market took that news quite normally and banking stocks performed the week persuasively.
Cement sector performed well despite a profit taking in the mid week. The sector is going to do better as there will be a lot of infrastructure development in the upcoming year.
The communications ministry will start construction of the elevated expressway in the capital under public private partnership (PPP), requiring huge supply of cement.
The services and real estate sector fell quite significantly by 5.37 per cent, mostly due to the poor performance of EHL.
Fuel and power sector dominated the trading, followed by banks, pharmaceuticals and NBFI.
Beximco was the week's top turnover leader with shares worth Tk 3.01 billion trading, accounting for 8.82 per cent of the total turnover of Tk 34.19 billion.
The next other turnover leaders were Titas Gas, Beximco Pharma, AB Bnak, Summit Power, LankaBangla Finance Limited, Bextex, Power Grid, Summit Alliance Port Limited and Prime Finance.
Delta Spinners was the top gainer. Its stock prices gained 37.90 per cent as the company started to convert paper shares into electronic ones.
The other top gainers of the week were Monno Staflers, Fine Foods Limited, Rahim Textile, 1st BSRS, AB Bank, One Bank, Beximco, Atlas Bangladesh and Sonali Aansh.
Sonargaon Textile, the week's top loser, dropped 18.81 per cent on price correction.
The A-category issues accounted for 83.32 per cent of the total turnover in value during the week, while B-category issues accounted for 3.10 per cent, N-category 6.45 per cent and Z-category 7.13 per cent.