Roundup: Bangladesh’s Dhaka stocks climbed to end the week on a high
DHAKA, April 6 (NsNewsWire) — Bangladesh’s Dhaka Stock Exchange or DSE ended the week in positive territory on Thursday with non-bank financial institution (NBFIs) posted profits, reports Xinhua
The broader DSEX of DSE closed the week with 243.75 points higher at 5,841.19.
The DS30 index, comprising blue chips, followed the same trend with 88.51 points up at 2,194.54.
The Shariah DSES (a Shariah-compliant broad market benchmark) also ended 41.89 points up at 1,356.54.
This week had as ususl five trading days with four of the days closing green. Index gained a total of 230 points which contributed to the substantial weekly increase of the index.
The third trading day showed a small loss and followed by a small increase on the fourth day.
Thursday was the last trading session of the week.
On the last day of the week, index gained 48.14 points, which contributed to the overall weekly increase of the index.
Index closed green for the second consecutive week.
According to LankaBangla Securities, a stockbroker, financial stocks has shown positive movement again this week with NBFI posting the highest (10.30 percent) profits.
All other major sectors posted positive movements too, it said and added average Trade Volume increased by 77.2 percent and total number of trades increased by 94.9 percent.
Among the economic issues, Bangladesh Bank (BB) has slashed cash reserve requirement (CRR) by 1 percent and state-owned enterprise (SOE)’s can deposit 50 percent of their fund with private commercial banks (PCBs)’s.
These steps was taken to mitigate the ongoing liquidity crunch, said the stockbroker.
It said BB has also made funds cheaper for the banks by reducing repo rate by 75 basis points. Export earnings fell 1.38 percent year-on-year to 3.05 billion U.S. dollars in March due to a decline in leather goods shipment and inflation came down slightly to 5.68 percent in March riding on a decline in food prices, according to the Bangladesh Bureau of Statistics (BBS).
“Japan has offered some 1.83 billion U.S.dollars in assistance for bankrolling Bangladesh’s six major development projects on communications infrastructures, power and port. Also, Net foreign investment in stocks marked a substantial rise in March this year as overseas investors put funds taking advantage of the lucrative price level.”
However, turnover, the crucial indicator of the market, stood at 27.15 billion taka which was 12.84 billion taka in the week before.
The turnover averaged 5.43 billion taka per day, which was more than 69.17 percent higher than the previous week’s average of 3.21 billion taka per day.
The market capitalisation of the DSE also rose 3.43 percent as it was 3,917 billion taka on opening day of the week while it soared to 4,051 billion taka on Thursday.
Out of 340 issues traded, 294 closed higher, 33 closed lower and 13 issues remaining unchanged on the DSE trading floor during the week.
The top five gainers of the week were Monno Jute Stafflers Limited, Shasha Denims Limited, Renwick Jajneswar & Co (Bd) Ltd, Regent Textile Mills Limited, Prime Islami life Insurance Ltd.
The major losing issues of the week included Nitol Insurance, AML Rupali Bank, Central Insurance, Beach Hatchery Ltd, Zaheen Spinning Limited.
The top five turnover leaders were Bangladesh Bangladesh Export Import Company Ltd, BRAC Bank Ltd, IFAD Autos Limited, LankaBangla Finance Ltd, Unique Hotel & Resorts Limited. (1 U.S. dollar equals to about 83 taka) Enditem