Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended their winning spell for the eighth week in a row that ended on Thursday as optimistic investors remained active in the market amid growing confidence.
The week witnessed five trading sessions as usual against previous week’s four. Of them, three sessions closed higher, while two saw mild correction.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 31.01 points or 0.63 percent to finish at nearly two years’ high at 4,956.73 points, which was the highest level of DSEX since January 13, 2015, when DSEX was 4,969.73.
“The market has passed another remarkable week with broad index sustained above 4,900-mark throughout the week as enthusiastic investors continued on buying spree,” said LankaBangla Securities, a stockbroker, in its weekly analysis.
The DSE Shariah Index advanced 3.68 points or 0.52 percent to close at 1, 1,175.86 points.
However, the DS30 index, comprising blue chips, fell 9.36 points or 0.52 per cent to settle at 1,796.64 points.
The port city bourse, Chittagong Stock Exchange (CSE), also maintained the upward movement with its Selective Categories Index, CSCX, advancing 87.25 points or 0.95 per cent to close at 9,251 points.
The total turnover for the week stood at BDT 46.73 billion, which was 28 percent higher than the previous week’s BDT 36.53 billion as last week saw five trading sessions instead of four in the week before.
The daily turnover averaged at BDT 9.35 billion, registering an increase of 2.34 percent over the previous week’s average of BDT 9.13 billion.
Sheltech Brokerage, said, “The prime index, DSEX, extended its gaining streak for eight straight weeks hitting 2-year’s peak”.
The stockbroker noted that the market started the week with positive move but later on it faced extreme volatility as investors booked profit in leading stocks. On the last day of the week, DSEX fought back as mid-caps regained investor concentration and took the lead.
The gainers took a strong lead over the losers as out of 328 issues traded, 188 closed higher, 113 closed lower and 27 remained unchanged on the DSE trading floor.
Bangladesh Building Systems dominated the week’s turnover chart for the two consecutive sessions with 36.61 million shares of BDT 2.0 billion changing hands, followed by Appollo Ispat, Lafarge Surma Cement, Square Pharmaceuticals and Summit Alliance Port.
CMC Kamal was the week’s best performer, posting a 23 percent gain, while Mithun Knitting and Dyeing was the worst loser, slumping by 16.45 percent.