DSE WEEKLY REVIEW
Dhaka stocks pass week mixed
Dhaka stocks finished mixed in last week with an increased turnover as better stocks were outperformed by average or junk stocks because of investors’ move for short-term profit making.
DSEX, the benchmark general index of Dhaka Stock Exchange, lost 0.18 per cent, or 7.49 points, to close at 4,262.93 points. The previous benchmark index of the bourse, DGEN, however, gained 3.13 per cent, or 142.16 points, to close at 4,684.48 points.
The DSE blue-chip index, DS30, gained 1.59 per cent, or 25.41 points, to close at 1,620.18 points.
Average daily turnover of the bourse increased by 28.96 per cent to Tk 983.05 crore from the previous week’s Tk 762.28 crore.
In the previous week, all the indices had gained heavily, returning from losses.
Market operators said investors sold off better performing shares for junk ones which pushed down marginally the newly-introduced DSEX, which reflects 97 per cent of the total market based on free-float system and companies with good financial health.
They said the DGEN, which has no parameters for shares under it, gained heavily with the shares which do not have enough financial and shareholding clearance as per DSE indices calculation method.
‘This is not a sign to cheer. A DSEX share must have float-adjustment market capitalisation above Tk 100 million and also have minimum average daily traded value of Tk 100 million. Although the turnover is increasing fast but if the investors continue to bet on junk shares, the market will lose its strength soon,’ said a stockbroker.
He said a number of government moves and slightly eased political tension made the investors active in the market.
‘But it seems that investors are in a short-term profit making mood as they fear the market will turn volatile after the Eid,’ he said.
Of the 294 issues traded last week, 193 declined, 95 advanced, and six remained unchanged.
All the major sectors posted heavy gains except banks as the market’s heavyweight sector continued its losing streak with a loss of 2.53 per cent over the week.
Telecommunications was the biggest gainer last week with a 14.30-per cent gain.
Non-bank financial institutions gained 4.67 per cent, fuel and power gained 2.82 per cent and pharmaceuticals gained 0.94 per cent in last week.
Meghna Petroleum became the week’s top turnover leaders with its shares worth Tk 219.97 crore changing hands.
The week’s others turnover leaders were Grameenphone, Bangladesh Submerinable Company, United Airways, Padma Oil, Jamuna Oil, Unique Hotel, Olympic Industries, Titas Gas and Orion Pharma.
-With New Age input
