Large cap keep market afloat

Large-cap stocks have played a key role in pulling up the market in the week. Most investors, however, were still cautious as trading remained subdued throughout the week though it rose in the week. The benchmark index of Dhaka Stock Exchange, DSEX, rose nearly 40 points or 1% to finish the week at 4,577. The DS30 index, comprising blue chips, was up over 23 points or 1.5% to 1,795. The DSE Shariah Index gained 12 points or 1% to 1,123. The Chittagong Stock Exchange Selective Category Index CSCX rallied 66 points or 0.8% to 8,565. The week’s daily average turnover stood at Tk443 crore, registering an increase of 13% over the previous week’s average of Tk393 crore. Among the large-cap stocks, Lafarge Surma Cement jumped 7.6%, followed by Titas Gas with 7%, Mobil Jamuna Limited Bangladesh (MJL) 4% and Square Pharmaceuticals 1.7%. Fuel and power, plus engineering and banking sectors were the highest traded sectors together accounting for about half the week’s total trade value. Lanka Bangla Securities said large cap shares were the top turnover generator of the week though top gainer board was dominated by low-cap junk stocks. “Buying interest spurred on the large caps while industry specific updates kept some investors watchful about future market movement amid profit-taking mood.” Of 328 issues traded, 164 closed higher, 132 lower and 32 remained unchanged on the DSE during the week.