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Daily Business News All Daily Business News
22 Sep 2013
DSE WEEKLY REVIEW :: Fear of political unrest rules stocks

Dhaka stocks inched up last week amid volatile trading as the market failed to sustain the momentum it had at the beginning of the week with fresh political unrest dejecting the investors. DSEX, the benchmark general index of the Dhaka Stock Exchange, closed at 4,097.71 points, adding 0.48 per cent, or 19.76 points. The blue-chip index of the DSE, DS30, gained 0.20 per cent, or 3.00 points, to finish the week at 1,512.43 points. Market operators said that the market had started the week on a positive note as many investors, who had observed things from a distance for two weeks, returned to the trading floor with a plan to make further investments. Hopes of an improved political situation was another reason behind the week’s positive start, they said.

But, the deteriorating political situation that followed the Appellate Division’s verdict against Jamaat-e-Islami leader Abdul Quader Molla for committing war crimes during the 1971 war of liberation made investors panicky. Repeated attempts by some government entities to keep the market afloat had failed due mainly to investors’ panic driven sell-offs in a fear of further unrest on the political front, they said. The daily average turnover of the bourse increased to Tk 576.21 crore, 20.20 per cent up from that of the previous week’s Tk 479.39 crore. Panic-driven sell-offs by the investors in the last three trading sessions of the week was the main reason behind the bourse’s increased turnover, said a senior merchant banker. An improved political situation might restore the investors’ confidence in the market, he added. ‘Investors’ preference to quick return and scrip wise swings kept investment scenario mostly volatile. In the meantime, fear of potential political turmoil kept confidence shaky, prompting participants to focus on short-term profit booking,’ IDLC Investments said in its daily market commentary.

‘Riding over last week’s vibe, maiden session of the week highlighted an upbeat hype of 45.96 points. This helped DSEX to be up above 4,100 points level. But, profit booking pressure in Large Cap scrips pulled down the market in second trading session. The next session ended alike as fear of political turmoil prompted up,’ it also said. Of the 299 shares and mutual funds traded in the week, 162 advanced, 116 declined and 20 remained unchanged.

Bangladesh Submarine Cable Company led the turnover chart as its shares worth Tk 114.43 crore changed hands last week. United Airways, CMC Kamal, Heidelberg Cement, Grameenphone, RN Spinning Mills, Meghna Petroleum, Jamuna oil, Active Fine Chemicals and Padma Oil were among the week’s other turnover leaders. Information Services Network, listed in ‘B’ category, gained the most in the week as the price of its shares increased by 56.03 per cent, while Desh Garments, Legacy Footwear, CMC Kamal, BD Autocars, Sonargaon Textiles, Modern Dyeing & Screen Printing, Metro Spinning, Rahima Food and Monno Stafflers were the other top gainers of the week. Third ICB Mutual Fund lost the most, 19.27 per cent.

Source :: New Age