Retailers trade at Dhaka Stock Exchange office. BBN file photo
Dhaka, Bangladesh (BBN)- Bangladesh’s stocks kept the gaining streak for the fourth straight weeks that ended on Thursday as some investors continued their buying spree on sector-wise issues.
Brokers said stocks maintained its post-election rally amid spontaneous participation despite some investors booked profit later part of the week.
They noted that the local and foreign investors were active on the trading floor, taking the average daily turnover above BDT 10 billion-mark last week.
The week saw five trading days as usual. Of them, the key index of the prime bourse added 65.97 points in the first three sessions while last two lost 37.70 points.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 28.27 points or 0.49 percent to settle the week at 5,825 points.
Two other indices, however, fell marginally. The DS30 index, comprising blue chips, fell 2.26 points to finish at 2,009 and the DSE Shariah Index lost 8.86 points to close at 1,309.
The total turnover shot up to BDT 52.71 billion last week, up from BDT 49.25 billion in the week before.
The daily turnover averaged out at BDT 10.54 billion, registering an increase of 7.03 percent over the previous week’s average of BDT 9.85 billion.
International Leasing Securities said the market maintained its post-election rally amid optimism, pushing the core index above the 5,800-points since April 2018.
The stockbroker noted that the bargain hunters took position on the lucrative price level, particularly in financial institutions, general insurance, engineering, banking and power sectors.
However, some risk-averse investors reshuffled their holdings from telecom, textile and cement sectors stocks to book quick profit, it said.
The daily average turnover crossed BDT 10 billion-mark after September 2017 as the bargain hunters continued injecting fresh funds into the market amid stable political situation after the national elections, the stockbroker added.
Among the major sectors, the general insurance posted the highest gain of 13.60 percent, followed by engineering with 5.20 percent, financial institutions 2.60 percent, power 2.30 percent and banking 0.70 percent.
On the other hand, telecommunication witnessed the highest correction of 3.40 percent, followed by textile with 2.10 percent, cement 1.20 percent and food 0.10 percent.
Losers outpaced gainers as out of 348 issues traded, 170 declined, 160 advanced and 18 issues remained unchanged on the DSE floor.
Khulna Power Company dominated the turnover chart, with 24.61 million shares worth BDT 1.71 billion changing hands.
The insurance companies performed well last week as nine out of top ten gainers from the insurance companies with Agrani Insurance was the week’s best performer, posting a gain of 53.59 percent.
Meghna Condensed Milk was the week’s biggest loser, shedding 22.48 percent.
The port city bourse, Chittagong Stock Exchange (CSE), also stayed in the positive trend, with its CSE All Share Price Index -- CASPI – advancing 93 points or 0.52 per cent to settle at 17,858 and the Selective Categories Index -- CSCX – gaining 64 points or 0.59 per cent to finish at 10,790.
A new issue -- SS Steel Limited made a flying trading debut on Thursday as its share price jumped 401 per cent to close at BDT 50.10 on debut day.
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