Dhaka, Bangladesh (BBN) – Bangladesh’s stocks witnessed yet another positive week, extending the gaining spell for the four consecutive weeks that ended on Thursday, as investors continued their buying binge on banks.
EBL Securities, said, “The upbeat trend of the prime bourse extended driven by healthy earnings and dividend declaration from the banking sector”.
“As like previous, banking sector grabbed highest investors’ attention amidst positive expectation,” said the stockbroker.
The week featured five trading sessions as usual. Of them, three sessions closed positive while two saw mild correction.
The benchmark index of the Dhaka Stock Exchange (DSE) went up by 24.96 points or 0.96 per cent to finish the week at 5,726.23 points.
The DS30 index, comprising blue chips, advanced 17.04 points or 0.83 per cent to settle at 2,076.67 points.
However, the DSE Shariah Index fell 9.60 points or 0.73 per cent to close at 1,301.48 points.
The port city bourse, Chittagong Stock Exchange (CSE), also edged higher with its Selective Categories Index, CSCX, advancing 29 points or 0.27 per cent to close at 10,758.48 points.
International Leasing Securities, a stockbroker, said, “Stocks witnessed marginal gain last week as the investors continued their buying spree on large-cap stocks, especially from bank sector”.
The stockbroker noted that the market observed see-saw movements during the week as the investors were active from both sides of the trading fence.
“The shaky investors continued their profit taking mood whereas the active presence of the bargain hunters helped the benchmark index to cross its highest level since introduction of the index in January 2013,” said the stockbroker.
The dominance of banks and financial institutions were observed in the charts of turnover leaders, it added.
The total turnover for the week stood at BDT 56.93 billion on the premier bourse against BDT 51.88 billion in the week before.
The daily turnover averaged at BDT 11.38 billion, which was 9.74 per cent lower than the previous week’s average of BDT 10.38 billion.
The losers took a modest lead over the gainers as out of 332 issues traded, 183 closed lower, 128 closed higher and 21 remained unchanged on the DSE trading floor.
City Bank dominated the DSE turnover chart with 50.52 million shares of BDT 1.93 billion changing hands, followed by ABK Bank, Beximco, LankaBangla Finance and Ratanpur Steel.
AB Bank was the week’s highest gainer, posting a 15.10 per cent gain, while Reliance Insurance was the worst loser, slumping by 13.88 per cent.