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Daily Business News All Daily Business News
16 Feb 2014
DSE WEEKLY REVIEW :: Dhaka stocks lose steam after 6-week rise

Dhaka stocks declined last week after a six-week gain with a decreased turnover due to profit-taking sell-offs mostly by the institutional investors. The key index of Dhaka Stock Exchange, DSEX, finished at 4,759.33 points on Thursday, shedding 1.77 per cent or 85.76 points over the week. DS30, the blue-chip index of the DSE, however, increased by 0.88 per cent, or 14.75 points, to close at 1,696.66 points. The DSEX and the DS30 had advanced 644.12 points and 233.97 points respectively in the previous six weeks.

Market operators said investors in the week opted to take some profit as the share prices had increased significantly in the previous six weeks. They said institutional investors found very few stocks to purchase due to the recent hike. Some other institutions with high capital market exposures in 2013 increased their sell-off following a Bangladesh Bank directive which asked them to reduce their exposures as soon as possible, they said. DSES, the Shariah index of the bourse, closed at 995.75 points, shedding 0.06 per cent or 0.61 points on the day.

Daily average turnover of the bourse declined to Tk 579.13 crore which was Tk 732.91 crore in the previous trading session. Of the 298 shares and mutual funds traded, 48 advanced, 244 declined and six remained unchanged. Last week was marked by profit booking and investors’ cautious stance, IDLC Investments said in its weekly market commentary. It said, ‘However, DS30 continued to perform better than DSEX, driven mostly by strong performance of certain large and mid cap scrips. Meanwhile, those scrips also captured leading position in the top turnover list.’ Besides, fuel and power and pharmaceuticals had leading position in turnover list, capturing 15.33 per cent and 15.26 per cent of week’s total value, said IDLC. Square Pharma was traded most last week with its shares worth Tk 175.36 crore changing hands.

Source :: The New Age