Dhaka, Bangladesh (BBN) - Bangladesh’s stocks witnessed yet another bullish week, the final week of the outgoing calendar year 2016, having optimistic support of some large-cap stocks.
Analysts said the market passed another remarkable week as persistent optimistic market scenario coupled with positive regulatory decision lured the sideline investors to put fresh fund on stocks, closing the year’s final week on upbeat note.
The week witnessed four trading sessions as trading remained closed on (December 25) due to government holiday on the occasion of Christmas Day. All four trading session closed higher amid increased turnover.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 79.32 points or 0.1.60 percent to finish at 26 months high at 5,036.05 points, which was the highest level of DSEX since November 3, 2014, when DSEX was 5,065.14 points.
The two other indices also closed higher. The DS30 index, comprising blue chips, advanced 14.27 points or 0.79 percent to settle at 1,810.91 points.
The DSE Shariah Index rose 16.01 points or 1.36 percent to close at 1,191.87 points.
The port city bourse, Chittagong Stock Exchange (CSE), also maintained the upward trend with its Selective Categories Index, CSCX, advancing 118.92 points or 1.28 percent to close at 9,369.91points.
LankaBangla Securities, a stockbroker, said, “The index movement was mostly driven by financial stocks. Since their year-end is in December and there is dividend expectation, these stocks moved up which eventually contributed to the upward trend of the broad index”.
The total turnover for the week stood at BDT 43.01 billion against BDT 46.73 billion in the week before last week saw four trading sessions instead of previous week’s five.
The daily turnover averaged at BDT 10.75 billion, registering an increase of 15 percent over the previous week’s average of BDT 9.35 billion. It was the highest daily average turnover in a single-week in 2016.
IDLC Investments, a merchant bank, said, “The year 2016 ended with hope and aspiration as the market closed in green zone”.
The merchant bank noted that a consistent rally of last two months assisted DSEX to stay above 5,000 points level, while yielding a total of 8.8 percent return for this year.
The gainers took a strong lead over the losers as out of 329 issues traded, 221 closed higher, 102 closed lower and 06 remained unchanged on the DSE trading floor.
Bangladesh Building Systems dominated the week’s turnover chart for the three consecutive weeks with 51.80 million shares of BDT 1.23 billion changing hands, followed by Beximco, Appollo Ispat Complex, Keya Cosmetics and Olympic Accessories.
Mozaffar Spinning Mills was the week’s best performer, posting a 29.27 percent gain, while Marico was the worst loser, slumping by 13.27 percent.
BBN/SSR/SR