Dhaka, Bangladesh (BBN) – Bangladesh’s stocks witnessed yet another vibrant week, extending the gaining streak for the fourth straight week that ended on Thursday supported by financial stocks.
Brokers said favorable macro-economic indicators coupled with steady market scenario lured the sideline investors to take fresh position, taking the benchmark index of the premier bourse 14-months high.
The week witnessed five trading sessions as usual. Of them, four sessions closed higher while one saw mild correction.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 92.79 points or 0.97 percent to finish the week at 4,791.33 points, which was the highest level of DSEX since October 7 last year, when DSEX was 4,800.62 points.
The two other indices also closed higher. The DS30 index, comprising blue chips, advanced 11.08 points or 0.63 percent to settle at 1,769.53 points.
The DSE Shariah Index rose 10.57 points or 0.94 percent to close at 1,133.27 points.
The port city bourse, Chittagong Stock Exchange (CSE), also ended higher with its Selective Categories Index, CSCX, soaring 156.55 points or 1.78 percent to close at 8,962.29 points.
The total turnover for the week jumped to BDT 39.77 billion against BDT 30.91 billion in the week before, riding on huge block transaction of Khulna Power Company on Wednesday.
Accordingly, the average daily turnover for the week soared nearly 29 percent to BDT 7.95 billion, which was BDT 6.18 billion in the week before.
“The turnover surged substantially driven by block trade of BDT 8.28 billion of Khulna Power Company on the fourth session of the week, which was nearly 21 percent of the week’s total turnover value” said a stockbroker.
LankaBangla Securities, a stockbroker, the last week marked by two very vital events for the market, DSEX broke a strong resistance at 4,720-level on its way to the year’s maximum and witnessed highest daily turnover of BDT 14.78 billion in the last five years.
EBL Securities, a stockbroker, said, “The investors’ sentiment regarding the market remained optimistic that continued throughout the week for position taking on sector specific stocks at favorable price level”.
The gainers took a strong lead over the losers as out of 328 issues traded, 227 closed higher, 88 lower and 13 remained unchanged on the DSE trading floor last the week.
AB Bank dominated the week’s turnover chart with 38.25 million shares worth BDT 840 million changing hands, closely followed by Beximco, Doreen Power, Square Pharmaceuticals and Bangladesh Building Systems.
Dragon Sweater and Spinning was the week’s best performer, posting a 31 percent gain, while National Polymer was the worst loser, slumping by 16 percent.