Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended the gaining streak on Wednesday as investors continued their buying appetite on the upcoming budget expectation.
The market kept gaining as pre-Eid sale pressure eased to some extent while some investors were hopeful about the budget measures to revive the moribund market, according to experts.
Today (Thursday) is the last trading session before nine-day Eid vacation. Trading and official activities will remain closed from May 31 to June 8, including weekly and special holidays.
Stocks kept gaining amid investors’ expectations that the new budget for the fiscal year of 2019-20 would jack the market up, they added.
The market opened on positive note and the upturn sustained until end of the session with some volatility.
At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 25 points or 0.47 per cent to settle at 5,354.
Two other indices also finished higher. The DS30 index, comprising blue chips, advanced 6.89 points to finish at 1,868 and the DSE Shariah Index gained 4.37 points to close at 1,212.
Turnover, another important indicator of the market, however, fell to BDT 3.32 billion, which was nearly 18 per cent lower than the previous day’s turnover of BDT 4.03 billion.
Engineering posted the highest gain of 0.93 per cent, followed by banking with 0.76 per cent, pharmaceuticals 0.51 per cent, power 0.51 per cent, financial institutions 0.46 per cent and telecommunication 0.01 per cent.
A total number of 96,415 trades were executed in the day’s trading session with trading volume of 101.69 million securities.
The market capitalisation of the DSE stood at BDT 3,919 billion on Wednesday, from BDT 3,911 billion in the previous session.
On the other hand, Chittagong Stock Exchange (CSE) ended higher with its CSE All Share Price Index – CASPI -advancing 78 points to settle at 16,338 and the Selective Categories Index – CSCX -gaining 47 points to finish at 9,893.