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Stocks end week positive on bargain hunting

Dhaka stocks returned to the positive zone last week after a decline in the previous week as investors went for bargain hunting in the week agencies report.
DSEX, the key index of Dhaka Stock Exchange, increased to 5,577.57 points, adding 0.87 per cent or 39.31 points in the week after shedding 15.52 points in the previous week.
The blue-chip index of the bourse, DS30, finished at 1,795.20 points on Thursday, up 1.34 per cent or 23.69 points from the previous week.
Stockbrokers said the market began last week downbeat in line with the previous week as investors were watching law-and-order situation before making any investment move.
The market started to turn around from the second trading session of the week as a section of investors went for bargain hunting as they found share prices lucrative, they said.
The momentum, however, was lost a bit on Thursday with a flat ending as a section of investors went for profit-booking share selling after a three-day rise in share prices, stockbrokers said.
DSES, the Shariah index of the DSE, increased by 1.07 per cent, or 11.85 points, to close at 1,123.04 points.
The daily average turnover at the bourse also increased by 12.91 per cent to Tk 443.30 crore in last week against that of Tk 392.62 crore in the previous week.
Of the 328 scrips traded in the week, 164 advanced, 132 declined and 32 remained unchanged.
‘The downward trend at the market that continued for nine trading sessions reversed from the second trading session of the week,’ LankaBangla Securities said in its daily market report.
However, the benchmark closed at slightly above of its resistance level at 4,570 points, said the brokerage house.
‘Large cap shares were the top turnover generators of the week, though top gainer board was dominated by low cap junk stocks,’ it said.
Among the gaining sectors, cement, mutual fund, and fuel and power increased by 6.03 per cent, 1.41 per cent and 0.98 per cent respectively, while telecommunication, non-bank financial institutions, and food and allied sectors decreased by 2.02 per cent, 0.76 per cent and 0.43 per cent respectively.
MJL Bangladesh led the turnover chart in the week with its shares worth Tk 81.66 crore changing hands.
Titas Gas Transmission and Distribution Company, Islami Bank, Square Pharma, The ACME Laboratories, Bangladesh Steel Re-Rolling Mills, BRAC Bank, Lafarge Surma
Cement, National Tubes and Industrial Promotion and Development Company were among the other turnover leaders.
Renwick Jajneswar gained the most with a 31.53-per cent rise in its share price, while Sunlife Insurance Company was the worst loser, shedding 22.47 per cent.

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