Stocks edge up as choppy politics shatters investors\\\' sentiment

Babul Barman | Published: January 10, 2015 00:00:00 | Updated: November 30, 2024 06:01:00

Stocks edged up last week that ended Thursday after previous week's sharp gain as investors were fearful about the political turmoil in the country.
The week featured four trading sessions like previous three weeks as market was closed Sunday on the occasion of Eid-e-Miladunnabi. Of them, two sessions closed higher while other two saw marginal correction.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up marginally by 27.20 points or 0.55 per cent to close at 4,968.71 points.
The two other indices also saw marginal gains. The DS30, comprising blue chips, index moved up by 10.96 points or 0.59 per cent to close at 1,854.14 points. The DSE Shariah Index rose 7.70 points or 0.66 per cent to close at 1,181.71 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended positive last week with its Selective Categories Index-CSCX -gained 58.56 points or 0.63 per cent to close the week at 9,224.24 points.
Following introduction of netting facilities of the same security, the total turnover for the week improved to Tk 11.16 billion against Tk 8.39 billion the week before.
The securities regulator Bangladesh Securities & Exchange Commission (BSEC) on 31 December 2014 allowed share netting facility for the same security.
The daily turnover for the week averaged Tk 2.79 billion, registering an increase of 33 per cent over the previous week's average of Tk 2.04 billion.
The investors' attention was mostly focused on power, engineering and textiles - the sectors that accounted for 16 per cent, 13 per cent and 11 per cent respectively of the week's total turnover value.
"Gloomy political frontier kept investors cautious to fresh fund injection, putting overall market in a mixed state," commented IDLC Investments, in its weekly market analysis.
However, some investors were also thinking differently with future macroeconomic prospects, backed by improved foreign exchange reserve, exports and remittance, the merchant bank said.
Lucrative prices, stock-wise volatility as well as spread search were under focus by market participants and large-cap stocks remained investors' concentration, the merchant bank added.
LankaBangla Securities said: "The market ended the week in positive zone with backing on gain on some large-cap stocks".
Though the political front was shaky last week, investors went for some buying activity at the beginning of the year, the stock broker said.
Heavyweight stocks pull up the index as Olympic Industries, BATBC, Lafarge Surma Cement and GP moved up by 3.9 per cent, 2.5 per cent, 1.3 per cent and 0.2 per cent respectively.
Among the major sectors, pharmaceuticals retraced 0.16 per cent last week. All the other large-cap sectors advance during the week.
Food and allied registered the highest gain of 2.55 per cent. Power and cement gained by 1.78 per cent and 1.08 per cent respectively. NBFIs, banks and telecommunication also advanced 0.44 per cent and 0.22 per cent and 0.16 per cent respectively.
The gainers and losers were almost same as out of 313 issues traded, 143 advanced and 142 declined while 28 remained unchanged on the DSE trading floor.
The market capitalisation of the DSE went up slightly by 0.52 per cent as it was Tk 3,293.56 billion on the opening day of the week and it stood at Tk 3,310.81 billion on closing day of the week.
Lafarge Surma Cement dominated the week's top turnover chart for the third consecutive weeks, with shares worth Tk 691.53 million changing hands followed by Agni Systems, DESCO, Saif Powertec and RSRM Steels.
Alltex Industries was the week's top gainer, posting a rise of 31.97 per cent following its promotion to 'A' category from 'Z' category while Northern Jute Manufacturing was the week's worst loser, plunging by 16.93 per cent.
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