Dhaka stocks inch up in bargain-hunting week

Staff Correspondent

Dhaka stocks inched up last week in volatile trading as bargain hunters were active throughout the week after a three-week bear run.
The key index of Dhaka Stock Exchange, DSEX, increased by 0.22 per cent, or 10.23 points, to close at 4,581.35 points on Thursday.
The daily average turnover at the bourse, however, declined to Tk 372.71 crore compared with that of Tk 411.41 crore in the previous week.
The market finished on a positive note despite a fall in share prices of more than two third of the traded scrips due to a rise in the prices of some large capitalised companies, stockbrokers said.
Besides, some investors found share prices of some scrips lucrative following a decline in the share prices in last couple of weeks, they said.
As most of the listed companies have already declared their earnings reports, disclosure-centric investment moves by investors dropped, so did the turnover, stockbrokers said.
Of the 330 shares and mutual funds traded last week, 94 advanced, 221 declined and 15 remained unchanged.
The blue-chip index of the bourse, DS30, however, rose by 0.97 per cent, or 16.86 points, to finish at 1,759.59 points.
DSES, the Shariah index of the DSE, also increased by 0.94 per cent, or 10.45 points, to finish at 1,118.87 points on Thursday.
‘This [last] week the market managed to break out of the losing streak of the previous couple of weeks, as most of the sessions closed in the positive zone,’ IDLC Investments said in its weekly market commentary.
Indecisive investment mindset kept investors focused on volatility-generated profit opportunities throughout the week, it said.
Meanwhile, hesitant trading behaviour showed up, pushing the market participation down, it said.
‘After having a downward trend in January, the benchmark DSEX seems to be consolidating with a base around 4,560 points,’ LankaBangla Securities said in its market report.
However, turnover at the market was having a downward trend, it said.
Beximco Pharma shares traded the most over the week with its shares worth Tk 114.57 crore changing hands.
BSRM Limited, City Bank, Square Pharma, United Power Generation and Distribution Company, ACI Limited, IT Consultants, Olympic Industries, Alltex Industries, CVO Petrochemical Refinery were among the other turnover leaders.
Libra Infusions gained the most in the week with a 26.41-per cent increase in its share price, while Maksons Spinning Mills was the worst loser, shedding 20.93 per cent.

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