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Daily Business News All Daily Business News
08 Dec 2013
DSE WEEKLY REVIEW :: DSEX gains but turnover plunges amid unrest

Dhaka stocks gained last week due to a BSEC decision which relaxed provisioning rule after a fall in the previous week, but the turnover plunged in the week amid political violence across the country. The daily average turnover of Dhaka Stock Exchange declined by 30.47 per cent last week to Tk 428.69 crore from Tk 616.53 crore in the previous week. DSEX, the benchmark general index of the bourse, finished at 4,277.39 points, adding 1.10 per cent or 46.47 points. DSE blue-chip index, DS30, lost 0.39 per cent, or 5.86 points, to close at 1,497.92 points on Thursday, last trading day of the week. The DSEX and the DS30 had declined by 165.21 points 40.21 points respectively in the previous week.

Market operators said the market passed a volatile week due to the mounting political tension as the situation pushed a major section of investors onto the sideline. But, the market finished positive last week due to the BSEC decision which relaxed a provisioning rule for the merchant banks and brokerage houses and allowed them another year to keep provision against unrealised losses in the capital market, they said. They said state-owned entities also played role in keep the market afloat.

‘Bleak investment outlook provided a shaky start to the first week of December. However, the week managed to stay positive over its course, finally adding 46.67 points to DSEX, while DS30 contracted marginally,’ IDLC Investments said in its weekly market commentary. Despite positive performance of the broad index, fear of political instability put a drag on average daily turnover, reducing it by 30 per cent than that of previous week, it said.

‘Nevertheless, the week was not dull rather confusion spurred sharp volatility in the market, generating significant return from micro cap stocks,’ IDLC also said. Of the traded 295 shares and mutual funds last week, 176 advanced, 97 declined and 22 remained unchanged.

Delta Life Insurance led the turnover leaders’ list with its shares worth Tk 202.76 crore changing hands in the week. Paramount Textile, Generation Next Fashions, RN Spinning Mills, Bangladesh Building Systems, Bengal Windsor Thermoplastics, Argon Denims, Jamuna oil, Meghna Petroleum and Central Pharmaceuticals were also among the other top turnover leaders. Rahima Food gained the most last week with a 39.18-per cent rise in its share price, while Meghna Petroleum lost the most, shedding 20.26 per cent.

Source :: The New Age