Weekly analysis: Stocks break two-week losing spell

Stocks edged up last week that ended Thursday, snapping a two-week losing spell, as some optimistic investors went on buying spree on sector specific large-cap issues.

According, the banking sector was the highest gainer, rising 1.90 per cent, followed telecommunication 0.76 per cent and pharmaceuticals 0.28 per cent, which helped the index closed positive.

Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 12.76 points or 0.23 per cent to settle the week at 5,534.42 points.

The DSE Shariah Index advanced 1.70 points or 0.13 per cent to close at 1,273.94. However, the DS30 index, comprising blue chips, remained in the red, losing 15.72 points or 0.77 per cent to finish at 2,034.72.

The port city bourse, Chittagong Stock Exchange (CSE), also edged higher with its Selective Categories Index, CSCX, advancing 39 points or 0.37 per cent to close at 10,407.

The total turnover for the week came down to Tk 28.83 billion against Tk 34.32 billion the week before with block trade contributed 1.0 per cent to the total weekly turnover.

The daily turnover averaged at Tk 5.76 billion, which was 16 per cent lower than the previous week's average of Tk 6.86 billion.

There are 16 listed companies, including three banks and one multinational company, recommended dividend last week for the year ended on December 31, 2016.

Most of the traded issues price closed in the red. Out of 333 issues traded, 172 closed lower, 130 closed higher and 28 remained unchanged on the DSE trading floor.

The total market capitalisation of the DSE also advanced 0.04 per cent last week as it was Tk 3,736 billion on the opening day of the week, while it came down to Tk 3,737 billion on closing day of the week.

LankaBangla Finance dominated the week's turnover chart for the fourth straight week with about 38.61 million shares of Tk 2.02 billion changing hands, followed by United Power of Tk 1.06 billion, Prime Bank Tk 828 million, Beximco Tk 690 million and Ratanpur Steel Re-rolling Mills Tk 661 million.

Prime Insurance Company was the week's biggest gainer, posting a 29 per cent rise, while FAS Finance and Investment was the worst loser, slumping by 11.18 per cent.