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Turnaround in stocks

Star Business Report
Dhaka stocks turned around with some upward momentum last week, after the previous week's bearish behaviour amid the dominance ofspeculative investments.
The benchmark index of Dhaka Stock Exchange, DSE General Index, rose by 46.07 points, or 1.84 percent, to 2,552.96 week-on-week. The DSE All Share Price Index also increased by 34.37 points, or 1.64 percent, to 2,125.20 on Thursday, die last trading day of the week.
Trading was mostly dominated by the speculative investments. "Relatively overvalued sectors such as engineering, services and real estate gained continuously on the basis of rumour, rather than any published news of future prospects," Equity Partners Limited (EPL) said in an analysis.
On the first day of trading, DSE finished marginally lower. On Monday, the market staged a decent comeback after back-to-back days of marginal loss. The next day, die market maintained the momentum as die indices gained for a second day. On Wednesday, the bourse closed flat. On the final day of trading, the market ends almost unchanged for the second day.
The total and daily average turnover gained by 10.24 percent toTk 2,378.91 crore andTk475.78 crore respectively.
A total of 13,37,21,291 shares traded on the premier bourse, a 14.79 percent rise. The advancers beat die losers 165 to 90. Three securities remained unchanged.
Market capitalisation increased by 1.48 percent toTk 1,04,078.67 crore.
Last week, die noh-bank financial institution (NBF1) sector was the best performer with a gain of 13.78 percent. The shares in this sector rose consistendy throughout the week. The renewed interest in this sector can partially be attributed to decisions to implement the BASEL-II, which would strengthen
the capital base. After the increase, the average P/E ratio of this sector comes to 18.52.
Turnover in the banking sector diminished from the beginning of this month. Last-week turnover in the banking sector decreased by 8 percent, while total turnover increased by 10 percent.
Although banks seemed to start moving a couple of times, die movement was unsustainable due to the price appreciation of some speculative stocks. Investors are waiting for few favourable developments in the sector in the upcoming budget and impact of a decrease in CRR and interest rate in their half-yearly discloser.
Life insurance started gaining from the beginning of this month and was giving positive vibes. Investors arc expecting their dividend and otiicr corporate declaration very shordy, according to die EPL analysis.
Beximco topped the turnover leaders, with 76,03,900 shares worth Tk 230.87 crore being traded, followed by Summit Power, Titas Gas. S Alam Cold Rolled Steels, Bcximco Pharma, Bextex, LankaBangla, Summit Alliance Port, Shinepukur Ceramics and Eastern Housing.
On the Chittagong Stock Exchange, the CSE Selective Categories Index rose by 2 08 percent to 5.433.36. The CSE All Share Price Index also gained by 2.16 percent to 8,385.
A total of 2,27,31,215 shares worth Tk 265.88 crore changed hands on the port city bourse.
Of the traded securities, 125 advanced, 64 declined and eight remained unchanged.
Beximco Pharma topped the turnover leaders on die CSE with 13,65.806 shares worthTk21.70 crore being traded.
The week's other turnover leaders were Beximco, Summit Power, AB Bank, LankaBangla Finance, Titas Gas, S Alam Cold Rolled Steels, Shinepukur Ceramics, BSRM Steels and Beximco Synthetics.