Stocks stayed positive for the second straight week, lifted by better than expected half-yearly earnings and anticipation of capital market friendly monetary policy for the first half of the current fiscal year.
The policy was announced yesterday. Some investors continued to remain in mood of cashing out tendency throughout the week to spend in the Eid festival.
The market will open on August 3 after nine-day long vacation begun Friday last.
During the past week ended Thursday, the benchmark DSEX rose 35 points or 0.8% to 4,427. It added 65 points in the last two weeks.
The DSE Shariah Index, DSES, gained almost 6 points or 0.5% to 1,004. The comprising blue chips DS30 was up over 23 points or 1.5% to close at 1,626.
The Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, rose 54 points or 0.7% to 8,381 after witnessing gain in the previous week. Trading activities increased substantially in the past week with the DSE turnover standing at Tk321 crore, an increase of 54.7% over the previous week.
Among the major sectors, pharmaceuticals was the only sector which closed negative. All the other large cap sectors closed in green. Telecommunication appreciated by a staggering 7.5% thanks to Grameenphone that gained 7.9% in the past week, spurred by its half-yearly earnings and dividend declared during the week.
Power, food and allied, banks and non-banking financial institutions also performed well.
“With improved half-yearly earning disclosure and expectations on the upcoming monetary policy statement, it ended the downcast tone prevailing in last couple of weeks,” said IDLC Investments in its weekly market analysis.
Participation increased on the investors’ meticulous re-balancing of portfolio ahead of Eid-ul-Fitr, it said.
Lanka Bangla Securities said the market seems to be getting back some sort of momentum helped by good corporate earnings of listed companies in Q2.
Multinational companies performed well this quarter and some of the banks and cement companies also did well, it said.
Earnings of some flagship companies like Grameenphone, BATBC, Lafarge Surma Cement, Bata Shoe and Heidelberg infused optimism into the investors, according to it.