Stocks end week with consistent gain
BSS
Stocks ended week yesterday upwards, with maintaining a consistent gain while economic update and regulators move drove the market towards positive direction, reports BSS.
The DSEX index of Dhaka Stock Exchange (DSE) advanced by 21.52 points at the last session and closed the week at 4651.03, which was also up by 1.47 per cent or 67.29 points from the previous weeks close.
Similarly, the blue-chip DS30 finished the week 2.46 per cent or 42.59 points up at 1772.23 when the Shariah DSES ended 2.10 per cent or 23.08 points up at 1124.23 over the past weeks closing position. Stocks ended the week with consistent gain as the market was driven by industry specific news and economic updates. As market has already digested quarterly earnings, all eyes are looking to see how market triggers impacted the bellwethers stocks, said Lanka Bangla Securities Limited.
Among the major economic updates was the Bangladesh Banks decision to hold on the interest rate-cut to curb the volatility in inflation while business leaders were expecting single-digit lending rate. Considerable strength was visible among cement and steel industry stocks on the heels of the announcement of inauguration of the main construction work of the Padma Bridge and its river training on December 12.
On the equity market, the regulator imposed a two-year lock-in on bonus share of sponsor-directors and shareholders who are holding 5 per cent or above share of a company to reduce share sell pressure and eventually stabilise the market. Influenced by the positive development, the average daily trade value increased by 14.20 per cent to Tk 650.74 crore and the volume rose by 3.44 per cent to 13 crore shares when the large-cap sectors like telecom gained 6.41 per cent, engineering 6.22 per cent, cement 3.80 per cent and fuel and power 2.13 per cent.
The major gaining companies were BD Autocars with 21.1 per cent gain followed by BIFC with 20.7 per cent, Desh Garment with 20.3 per cent and MI Cement with 17.1 per cent. The major losing companies were Delta Life (11.4 percent), BBS (12.3 per cent) and BSRM Steel (13.3 per cent) when the major losing sectors were mutual fund (3.49 per cent) and NBFI (2.82 per cent).
Chittagong Stock Exchange (CSE) also closed the week up yesterday, with its major CSCX finishing the 55 points higher at 8651.72
