Stocks return to the black

Dhaka stocks returned to the black last week, as the delay in implementation of new credit formula encouraged investors.
Week-on-week, the DSE General Index, rose 106 points, or 1.57 percent to 6,904.
Stockbrokers said investors took position afresh after the DSE failed to publish the NAV list of marginable securities within the time stipulated by the regulator.
The Securities and Exchange Commission directed the DSE to update the NAV list every Thursday from September 16.
"The investors took the chance anticipating further delay and went into buying spree that pushed up the market," said a stockbroker.
However, the DSE after last Thursday's trading session posted the NAV list of 129 marginable securities in its website following the SEC's clarification on some issues in connection with margin loan.
The stockmarket watchdog in its clarification said the merchant bankers and stockbroker will consider diluted earnings per share (EPS) on income from continuing core operations to calculate the price earnings (PE) ratio to disburse share credit. If diluted EPS is not available, basic EPS can be considered.
The DSE will calculate margin maintenance figure based on net asset value (NAV) of the listed securities as per last available annual or audited or un-audited financial statements and closing price of the last trading day of the week and disclose the same in the DSE's website at the end of each week, which shall remain effective the following week.
Asset revaluation surplus, if any, will not be considered in computation of NAV of a company.
In the case of mutual funds, the DSE will calculate margin maintenance figure based on the latest disclosed NAV at market price of the mutual funds and the closing price of the relevant fund at the end of the week.
Most major sectors advanced in the past week. Among them, pharmaceutical was the most notable gainer with 6 percent up, thanks mostly to Square Pharmaceuticals.
Cement and service and real estate gained 5.11 percent and 5.23 percent respectively. Non-banking financial institutions gained 4.66 percent. General insurances and life insurances gained 1.52 percent and 0.28 percent respectively.
However, heavyweight sectors like banks, telecom, and fuel and power were in the negative territory.
Advancers beat losers 155 to 108, with two securities remaining unchanged on the floor of the premier bourse.
Total turnover jumped 89 percent to Tk 9,155 crore at the end of Thursday trade. Daily average turnover also went up 51 percent to Tk 1,831 crore.
Market capitalisation stood at Tk 3,06,223 crore, up by 1.29 percent.
Prime Finance topped the list of turnover leaders, followed by Beximco, Aftab Automobiles, Square Pharma and LankaBangla Finance.
CMC Kamal was the largest gainer, followed by Dulamia Cotton, Saiham Textile, Desh Garments and Federal Insurance.
MIDAS Financing was the biggest loser, followed by BLTC, Niloy Cement, ICB and Chittagong Vegetable.
Chittagong stocks also rose last week, with the CSE Selective Categories Index increasing 0.67 percent to 13,041.
More than 5.88 crore shares and mutual fund units were traded on the Chittagong Stock Exchange on a value of Tk 781 crore.
Gainers beat losers 116 to 93, with six securities remaining unchanged on the port city bourse.
Beximco Limited topped the list of turnover leaders followed by Prime Finance, Aftab Automobiles, Summit Alliance Port and Square Pharma.
Tallu Spinning Mills was the largest gainer, followed by HR Textile, Jago Corporation, Safko Spinning Mills and National Housing.
National Bank was the biggest loser, followed by MIDAS Financing, Niloy Cement, ICB and Alpha Tobacco.