Babul Barman
Stocks rebounded last week that ended on Thursday, after remaining down in the past three consecutive weeks as investors showed buying appetite in large cap stocks.
Market insiders said the selective heavy-weighted stocks made significant move last week, as investors found those to be prospective following the recent downbeat momentum, which helped the market to close higher.
"The investors are also expecting positive market sentiment for the post-Eid sessions along with better third quarter earnings ahead," said an analyst.
Meanwhile, only three trading sessions are left ahead of Eid vacation as bourses will remained closed for five days - September 23 to September 27--on the occasion of Eid-ul-Azha.
The week witnessed five trading sessions as usual. Of them, four sessions closed higher, while one session saw marginal correction.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), crossed the 4,800-mark, settling the week at 4,819.45 and gaining 59.31 points or 1.25 per cent.
The two other indices also closed higher. The DS30 index, comprising blue chips, rose 33.53 points or 1.85 per cent to finish at 1,848.12. The DSE Shariah Index gained 19.01 points or 1.63 per cent to end the week at 1,186.67.
The port city bourse Chittagong Stock Exchange (CSE) also closed higher last week with its Selective Categories Index-CSCX-gained 116.60 points or 1.31 per cent to close the week at 8,986.47 points.
Turnover improved slightly to Tk 22.57 billion last week against Tk 22.16 billion in the week before.
The daily turnover for the week averaged Tk 4.51 billion, registering an increase of 1.81 per cent over the previous week's averaged Tk 4.43 billion.
The participants remained mostly focused on engineering, pharma and power sectors, accounting for 18.13 per cent, 17.8 per cent and 13 per cent respectively of the week's total turnover.
"Investors might have preferred to take position in several large cap stocks ahead of the third quarter earnings declarations," said International Leasing Securities, a stockbroker, in an analysis.
The stockbroker noted that positive expectation regarding market sentiments for the post-Eid sessions might have encouraged the investors on the sidelines to take position on large cap stocks.
IDLC Investments, a merchant bank, said, "The search for lucrative spreads and then short-term positioning and repositioning put the market in a slowing mood".
"Market volatility regressed by 99.45 per cent last week in compared to the previous week indicating lower market risk," said Research and Innovation Lab, a research unit of Royal Capital.
Slight increase in turnover with 59.31 points escalated in DSEX better describes the market is in pace with slow buying mode, it said.
"The market's bullish trend is expected to extend to the upcoming week along with relatively active investors' participation," said the analysis.
Zenith Investments, an asset management company, said the market stayed upbeat for most part of the week, keeping investors hopeful about a better outcome in the coming days.
Among the major gaining sectors, engineering gained 4.53 per cent, ceramic 4.0 per cent and fuel and power 2.31 per cent. The major losing sectors were tannery 2.81 per cent, textile 1.25 per cent and cement 0.93 per cent.
Losers, however, outpaced gainers as out of 326 issues traded, 154 declined, 147 advanced and 25 remained unchanged on the DSE floor during the week.
The market capitalisation of the DSE went up by 0.95 per cent as it was Tk 3,347.09 billion on the opening day of the week and it stood at Tk 3,331.88 billion on closing day of the week.
Only one company-Matin Spinning--recommended dividend last week. The textile sector company recommend 27 per cent cash dividend for the year ended on June 30, 2015.
Beximco Pharma dominated the week's top turnover chart with shares worth Tk 847 million changing hands followed by Islami Bank, Aman Feed, BSRM and United Airways.
Power Grid Company was the week's best performer, posting a rise of 18.25 per cent on the news of Bangladesh Energy Regulatory Commission's increase of transmission tariff for the company, while Monno Ceramics was the week's worst loser, plunging by 12.69 per cent.
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