Stocks mixed as market reopens for business
A few positive developments, however, have revitalized the confidence of investors in the last two days of the week
Stocks swung between both positive and negative territories last week and finally closed the week in the red zone.
DSEX, the key index of the Dhaka Stock Exchange, lost 161 points in the first three days of the week as a result of tension over the implementation of the single-digit interest rate along with worries over rising non-performing loans.
The decline was also attributed to the year-long tussle between Bangladesh Telecommunication Regulatory Commission (BTRC) and Grameenphone on clearing dues of Tk12,580 crores by the service provider to the telecom watchdog.
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CASPI, the benchmark index of the Chittagong Stock Exchange declined by 168 points over the week to close at 12,601 points.
A few positive developments, however, have revitalised the confidence of investors in the last two days of the week.
The Bangladesh Bank's announcement of supporting the capital market both by injecting funds and reforming policies has bolstered the optimism of investors.
Moreover, the news of buy declarations of the directors of the large-cap stock Square Pharma shares has also helped investors to come out of their selling spree.
The price appreciation of the two giants Square Pharma and Grameenphone in the last two days of the week have pushed the indices to close higher.
Consequently, the DSEX gained 114 points in the last two sessions and closed at 4,150 points.
All the sectors except pharmaceuticals gaining 1.5 percent and banks inching up 0.1 percent have displayed negative movements during the week, with financial institutions sliding 4.6 percent and telecom sliding 3.5 percent among the large-cap sectors.
The Lafarge Holcim Bangladesh Ltd was the most traded stock of the week with a closing price of Tk38.7 per share. It exhibited a weekly loss of 4.4 percent, according to the Weekly Market Review of UCB Capital Management Ltd. The stock's turnover value was Tk86.6 crore.
Olympic Industries Ltd topped the weekly gainers' table by gaining 10.9 percent and closing at Tk183 per share. Northern Jute Manufacturing Co. Ltd was the week's worst loser by dropping 28.3 percent and closing at Tk414.8 per share.
