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Stocks break losing trend

Star Business Report
Dhaka stocks witnessed a noticeable gain last week over the previous week breaking the recent bearish spell in the market.
The benchmark index of Dhaka Stock Exchange, DSE General Index, rose 85.18 points, or 3.46 percent week-on-week to 2,544.66 points. I he DSE All Share Price Index also increased 68.37 points, or 3.36 per cent to 2,103.79 points on Thursday, the last trading day of the week
In the late previous week, the World Bank made a gloomy growth projection about Bangladesh econ omy, resulting in a mild uneasiness among the retail investors that prompted a huge fall in share prices. Prominent economists of the country however rejected this projec tion.
Meanwhile, the Securities and Exchange Commission and the DSE took some initiatives to ease the situation. In line with the outcome of the SEC parleys with some merchant banks and brokerage houses, investors got supports from the merchant banks prior to the Eid holidays.
Besides, the SEC sought that the central bank intervene in enhancing the brokerage houses' lending capacity.
All these developments seem to have calmed the market to some extent, which was reflected in the gain.
Both total and daily average turnover however came down by 18.32 percent last week. The total turnover
on the DSE was Tk 919.23 crore against Tk 1,125.47 crore the previous week. The daily average turnover was Tk 183.84 crore against Tk 225.09 crore.
Most securities traded up through out the week. Of the 251 traded issues, only 188 advanced, 55 declined and eight remained unchanged. A total of 6,81,61,353 shares were transacted last week against 7,37,57,208 shares a week ago.
The banking sector had a moderate gain. The shares of Islam! Bank began trading with a new denomination. Each share of the bank now carries a face value of Tk 100 instead of Tk 1,000 while market lot is converted to 10 shares from 1 share.
I he other financial service sectors also witnessed some gain. The biggest gainers were fuel and power, ceramics and service and real estate sectors. Pharmaceuticals sector gained considerably, thanks to the gains of major players like Square Pharma and Beximco Pharma.
The SEC's approval of the draft rules on book building method, a modern mechanism for price fixing of IPOs (initial public offering) on Tuesday was a major development for the market. The SEC also decided in principle to withdraw the limit on loan exposures of banks and NBFIs to improve the liquidity situation. Currently, banks and NBFIs are allowed to provide margin loans in portfolio investment to their clients up to five times of their respective paid-up capital.
The total market capitalisation increased by 2.49 percent to Tk 97,160.79 crore from Tk 94,795.84 crore the previous week.
AC! Formulations lopped the turnover leaders with 63,49,200 traded shares worth Tk 106.40 crore, which accounted for 11.57 percent of the week's total market turnover on the premier bourse.
The other turnover leaders were Beximco Pharma, Titas Gas, Beximco, Uttara Bank, ACI, Shinepukur Ceramics, National Bank, Grameen Mutual Fund One: Scheme Two and Islam! Bank.
Chittagong stocks also marked a rise. The CSE Selective Categories Index gained 3.5 percent to 5,131.32 points. The CSE All Share Price Index also increased 3.42 points to 7,888.44 points.
A total of 2,33,14,942 shares worth Tk 193.67 crore changed hands on Chittagong Stock Exchange against 1,54,06,463 shares worth Tk 175.79 crore the previous week.
Of the 153 traded issues on the port city bourse, 120 advanced, 28 declined and five remained unchanged.
Shinepukur Ceramics topped the turnover leaders on the CSE with 88,11,300 traded shares worth Tk 50.66 crore. The other turnover leaders were Beximco, Beximco Pharma, ACI, Grameen Mutual Fund One: Scheme l\vo, Titas Gas, AB Bank, Uttara Bank, LankaBangla and AIMS First Mutual Fund.