Dhaka, Bangladesh (BBN) – Bangladesh’s stocks ended higher for the three consecutive weeks that ended on Thursday as investors continued on buying spree amid optimism.
Brokers said the market maintained the upward trend with increased turnover value, as institutional investors, including some global fund managers, were active on both sides of the trading fence almost throughout the week.
The week witnessed six trading sessions instead of usual five as the market opened on Saturday in line with all government offices including financial institutions.
Of them, four sessions closed higher while two saw marginal correction.
The benchmark index of the Dhaka Stock Exchange (DSE) went up by 29.84 points or 0.64 percent to close 4,695.19 points. It was the highest level of DSEX since January 19.
LankaBangla Securities, a stockbroker, said, “The upward movement in the market, which started before Eid vacation, continued last week as well, resulting around 30 points increase in benchmark index DSEX”.
The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 7.68 points or 0.43 percent to settle at 1,778.70 points.
The DSE Shariah Index rose 5.37 points or 0.48 percent to close at 1,125.86 points.
The port city bourse, Chittagong Stock Exchange (CSE) also finished marginally higher with its Selective Categories Index, CSCX, advancing 21.03 points or 0.24 percent to close at 8,785.85 points.
The total turnover for the week stood at BDT 33.60 billion, which was 31.22 percent higher than the previous week’s BDT 25.61 billion as last week saw six trading sessions instead of previous week’s five.
The daily turnover averaged BDT 5.60 billion, registering an increase of 9.35 percent over the previous week’s average of BDT 5.12 billion.
International Leasing Securities, a stockbroker, said, “Investor’s expectation regarding the market remained positive because of the upward revision in GDP forecast by ADB, the Government’s eagerness to raise funds through the capital market for mega projects in the power and energy sector and including the upcoming corporate declarations from listed corporations”.
The stockbroker noted that such scenarios demonstrated the investors’ cheerfulness about future direction of the capital market.
The gainers took a strong lead over the losers as out of 327 issues traded, 212 closed higher, 102 lower and 13 remained unchanged on the DSE trading floor last the week.
The newly listed Yeakin Polymer dominated the week’s turnover chart with shares worth BDT 978 million changing hands, closely followed by LankaBangla Finance, Bangladesh Submarine Cable Company, MJL BD and Bangladesh Shipping Corporation.
Miracle Industries was the week’s best performer, posting a 26.62 percent rise, while Savar Refractories was the worst loser, slumping by 11.18 percent.