Dhaka, Bangladesh (BBN)– Bangladesh’s stocks closed higher for the two consecutive weeks that ended on Thursday, the first week after prolonged nine-day Eid vacation, as optimistic investors took position on some large-cap stocks.
Brokers said the market maintained the upward trend for two consecutive weeks with activities remained strong as enthusiastic investors remained active on some large-cap stocks, taking the benchmark index to eight months high level.
The week witnessed five trading sessions as usual and all five trading sessions closed positive.
The market opened the week with positive note with 0.50 percent gain. The next four sessions also advanced 0.05 percent, 0.28 percent, 0.45 per cent and 0.11 percent respectively.
The benchmark index of the Dhaka Stock Exchange (DSE) went up by 64.26 points or 1.40 percent to finish the week at eight months high at 4,665.35 points. It was the highest level of DSEX since January 20 last.
The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 11.36 points or 0.65 percent to settle at 1,771.02 points.
The DSE Shariah Index surged 11.84 points or 1.07 percent to close at 1,120.50 points.
The port city bourse, Chittagong Stock Exchange (CSE) also finished higher with its Selective Categories Index, CSCX, advancing 110.17 points or 1.28 percent to close at 8,727.36 points.
LankaBangla Securities, a stockbroker, said, “The upward movement in the market, which started before Eid vacation, continued last week as well, resulting in 64 points increase in benchmark index DSEX”.
The stockbroker noted that though some of the high cap shares were the turnover leaders, the list of top gainers were dominated by small cap stocks and mutual funds.
The total turnover for the week stood at BDT 25.51 billion on the premier bourse which was BDT 23.61 billion in the week before.
The daily turnover averaged BDT 5.12 billion, registering an increase of 8.43 percent over the previous week’s average of BDT 4.72 billion.
International Leasing Securities, a stockbroker, said, “The bullish spell throughout the week was observed due to the active participation of enthusiastic investors, who took fresh positions in few fundamental stocks”.
Among the major sectors, non-bank financial institutions (NBFI) gained 4.19 percent, banks 2.24 percent, engineering 2.19 percent, followed by insurance with 1.75 percent, pharmaceuticals 1.26 percent fuel and power 0.64 percent and telecommunication 0.18 percent.
On the other hands, Cement, IT, paper and printing and Food and allied closed in the red, losing 1.57 percent, 1.55 percent, 0.47 percent and 0.44 percent respectively.
The gainers took a strong lead over the losers as out of 327 issues traded, 192 closed higher, 101 lower and 34 remained unchanged on the DSE trading floor last the week.
ACME Laboratories dominated the week’s turnover chart with about 11.06 million shares worth BDT 1.20 billion changing hands, followed by Square Pharmaceuticals, Lafarge Surma Cement, Shahjibazar Power Company and Bangladesh Submarine Cable Company.
National Housing Finance and Investment was the week’s best performer, posting a gain of 30.09 percent, while Modern Dyeing was the worst loser, slumping by 14.09 percent.