Dhaka, Bangladesh (BBN)-Bangladesh’s stocks witnessed yet another upbeat week that ended on Thursday, extending the winning spell for the 10 weeks in a row.
Market insiders said the first week of 2017 ended higher as enthusiastic investors continued their buying spree on large-cap stocks, backed by spontaneous participation, taking the prime index of the premier bourse nearly 27 months’ high.
The week witnessed five trading sessions as usual.
All five trading sessions closed higher amid increased trading activities.
The prime index of the Dhaka Stock Exchange (DSE) went up by 146.20 points or 2.90 per cent to finish at nearly 27 months’ high at 5,182.25 points, which was the highest level of DSEX since October 21, 2014, when DSEX was 5,234.
The two other indices also ended higher.
The DS30 index, comprising blue chips, advanced 53.33 points or 2.94 per cent to settle at 1,864.24 points.
The DSE Shariah Index rose 30.33 points or 2.54 per cent to close at 1,222.20 points.
LankaBangla Securities, a stockbroker, said, “All the five days of the week saw positive movement and the indices movement was mostly driven by financial and other large-cap stocks”.
“The next major resistance level lies at 5,200-mark,” the stockbroker said.
The port city bourse, Chittagong Stock Exchange (CSE), also maintained the upward trend with its Selective Categories Index, CSCX, jumping 271.21 points or 2.89 percent to close at 9,641.12 points.
Turnover remained encouraging as the total turnover for the week soared to BDT 62.88 billion against BDT 43.01 billion in the week before last week saw five trading sessions instead of previous week’s four.
The daily turnover averaged at BDT 12.58 billion, registering an increase of 17 per cent over the previous week’s average of BDT10.75 billion.
It was the highest daily average turnover in a single-week in the last five years.
“The benchmark index of the prime bourse started the maiden week of the New Year with a flying note amidst the increased participation from the investors,” said International Leasing Securities, a stockbroker.
“The optimistic outlook regarding future market sentiment might have cheered the sideline investors to inject fresh funds in the market to keep the stock market vibrant”.
The gainers took a strong lead over the losers as out of 328 issues traded, 251 closed higher, 60 closed lower and 17 remained unchanged on the DSE trading floor.
DESCO dominated the week’s turnover chart with 38.54 million shares of BDT 1.95 billion changing hands, followed by Beximco, Bangladesh Building Systems, IFAD Autos and Ratanpur Steel Re-rolling Mills.
Central Insurance was the week’s best performer, posting a 22.83 per cent gain, while Zeal Bangla Sugar Mills was the worst loser, slumping by 18.61 per cent.