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Bangladesh

Stocks end week on positive note

Dhaka stocks had seen some gains past week as the major indicators of the premier bourse had been turning somewhat positive.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), gained 35.43 points or 0.7 percent week-on-week.

At the week’s end, the index closed in the green at 5,236.85, much higher from a two-and-a-half-year low of 4,966.44 just three weeks ago.

The index went slightly bullish last week following pressure from purchases mainly of ceramic, engineering and cement stocks, said stock broker Royal Capital in its weekly analysis.

The significant margin of the banking channel’s liquidity shortfall has been making the financial markets unstable to some extent, it added.

The time for banks to adjust their advance-deposit ratio has been extended till September 2019, making investors cautious about the market, it said.

Moreover, general investors have been uneasy over the liquidation of the People’s Leasing and Financial Services along with the finance minister’s recent comment that the condition of some financial institutions have turned bad.

The DSE data shows the weekly average turnover reduced to Tk 461 crore from Tk 474 crore.

Among the large cap sectors, textile posted the highest positive change of 2.58 percent, LankaBangla Securities said in its weekly analysis.

Investors had a positive mindset towards the garment sector as it showcased a higher export growth than of last year.

The Export Promotion Bureau data shows that garment shipments brought home $3.31 billion in July, up 9.60 percent year-on-year and $97.48 million more than the month’s target.

United Power Generation and Distribution Company topped the weekly turnover list followed by Khulna Power Company, JMI Syringes and Medical Devices, Orion Infusion, and Fortune Shoes.

Of them, United Power attracted a turnover of Tk 163.4 crore.

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