Dhaka, Bangladesh (BBN) – Bangladesh’s stocks ended higher for the second week in a row on Thursday as optimistic investors continued their buying appetite on large-cap stocks.
Analysts said the market extended the winning streak riding on heavyweight bank and telecom issues which affects the index largely.
The week featured five trading sessions as usual. Of them, first session saw marginal correction while last four closed higher.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in nearly five years back, went up by 94.54 points or 1.55 percent to finish at 6,193 points.
The two other indices — the DS30 index and the DSE Shariah Index (DSES) – also followed the suit to close at 2,244 and 1,341 points, after advancing 42.64 points and 12.18 points respectively.
The port city bourse Chittagong Stock Exchange (CSE) also ended higher with its Selective Categories Index, CSCX, advancing 180 points or 1.56 percent to end at 11,618.
International Leasing Securities, a stockbroker, said, “The the market witnessed another bullish week as the optimistic investors showed their buying appetite on large-cap stocks, especially from bank and telecom sectors amid optimism”.
According to EBL Securities, “The market witnessed an upbeat tune throughout the week riding on regained confidence among the market participants”.
The stockbroker noted that preferable year-end and quarter-end earnings declarations by several companies helped them to remain positive about market.
Bullish sentiment also reflected on the turnover activities as total turnover for the week amounted to BDT 35.91 billion on the DSE, which was BDT 30.27 billion in the week before.
The daily turnover averaged BDT 7.18 billion, which was nearly 19 percent higher than the previous week’s average of BDT 6.05 billion.
Out of 336 issues traded, 207 closed lower, 116 lower and 13 issues remained unchanged on the DSE trading floor during the week.
City Bank topped the week’s turnover chart with 53.90 million shares worth BDT 1.84 billion changing hands followed by IFAD Autos with BDT 1.21 billion, Brac Bank BDT 1.0 billion, LankaBangla Finance BDT 994 million and Dhaka Bank BDT 926 million.
Reckitt Benckiser was the week’s best performer, posting a gain of 19.25 percent while Stylecraft was the week’s worst loser, slumping by 33.22 percent.