Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended the gaining streak for the three consecutive weeks that ended on Thursday as investors continued their buying spree on large-cap stocks.
Analysts said the market extended the winning streak riding on heavyweight telecom, pharmaceuticals, banking, food and allied sectors issues which affect the index largely.
Three out of five trading days of the week closed higher while remaining two sessions faced mild correction.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in nearly five years back, went up by 88.53 points or 1.43 percent to finish at historical high at 6,282.
The DS30 index also followed the suit to close at historical high at 2,279 points, after rising 35.54 points or 1.58 percent. The DSE also launched the DS30 index on January 27, 2013 with a base point of 1,460.30.
The DSE Shariah Index (DSES) rose 34.16 points or 2.55 percent to finish at 1,375 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended higher with its Selective Categories Index, CSCX, advancing 152 points or 1.31 percent to finish at 11,769 points.
Bullish sentiment also reflected on the turnover activities as total turnover for the week amounted to BDT 46.85 billion on the DSE, which was BDT 35.91 billion in the week before.
The daily turnover averaged BDT 9.36 billion, which was more than 36 percent higher than the previous week’s average of BDT 7.18 billion.
International Leasing Securities, a stockbroker, said, “Investors’ increased concentration on the telecom, pharmaceutical and engineering sector stocks helped the Dhaka bourse to add 88.5 points in the week and reached its all-time high 6282”.
The stockbroker noted that some other investors were reshuffling their portfolios from IT, textile and general insurance sectors after observing the year-end corporate declarations and first quarter earnings disclosures.
Out of 337 issues traded, 185 closed lower, 135 closed higher and 17 issues remained unchanged on the DSE trading floor during the week.
BRAC Bank topped the week’s turnover chart with 16.14 million shares worth BDT 1.76 billion changing hands, closely followed by City Bank, Dhaka Bank, Grameenphone and AB Bank.
Eastern Cables was the week’s best performer, posting a gain of 19.28 percent while Eastern Lubricants was the week’s worst loser, slumping by 18.86 percent.