Dhaka, Bangladesh (BBN)- Bangladesh's stock market passed an eventful week that ended on Thursday, as the core index of the prime bourse exceeded the 6,000-mark for the first time after its inception in January 2013.
Brokers insiders said after several futile attempts in last few days, DSEX finally budged up, crossing 6,000 points level for the first time since its inception in more than four-and-a-half years ago.
Along with key index, the total market cap of the Dhaka bourse also rose to all-time high to BDT 4,021 billion, an 1.27 percent increase over the previous week’s BDT 3,970 billion.
“Stocks extended their record-breaking rally as investors continued to show their buying appetite on bank, non-bank financial institution, food & allied and power stocks, anticipating positive momentum in post-Eid trading sessions,” said an analyst at a leading brokerage firm.
All of the five trading day of this week saw positive index movement.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-year back, went up by 121 points or 2.06 percent to settle at 6,006 points.
LankaBangla Securities, a stockbroker, said, “The week has been marked with a significant event, DSE index touched new highest point, exceeding 6,000-mark for the first time”.
The two other indices -- the DS30 index and the DSE Shariah Index (DSES) – also followed the suit to close at 2,139 and 1,322 points, after advancing 27.38 points and 16.48 points respectively.
The port city bourse, Chittagong Stock Exchange (CSE), also finished higher with its Selective Categories Index, CSCX, gaining 206 points or 1.87 percent to settle at 11,242.
The bullish sentiment also reflected on turnover activity as the total turnover for the week stood at BDT 45.45 billion on major bourse which was BDT 41.64 billion in the week before.
The daily turnover averaged at BDT 9.08 billion, which was 9.14 percent higher than the previous week’s average of BDT 8.33 billion.
Banking sector emerged as turnover leader, contributing 27 percent of the day’s total transaction, followed by engineering with 14 percent and textile 10 percent.
International Leasing Securities, a stockbroker, said, “Investors increased concentration on the bank sector stocks taking the benchmark index of Dhaka bourse to its historical high of 6,006.43 points in the session since inception of the prime index by replacing the DGEN on January 27, 2013”.
However, some investors were reshuffling their portfolios that saw price surge over the last few sessions, said the stockbroker.
LankaBangla Finance topped the week’s turnover chart with shares of BDT 1.68 billion changing hands, closely followed by Fortune Shoes, BBS Cables, Bangladesh Building Systems and IFIC Bank.
Standard Ceramic was the week’s highest gainer, posting 39.60 percent gain, while Asian Tiger Sandhani Life Growth Fund was the worst loser, losing 10.95 percent.
BBN/SSR/SR