Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended their gaining streak for the third week in a row that ended on Thursday, as investors were on buying mood on sector-wise large-cap stocks.
Dealers said the market maintained the upbeat trend as investors continued their buying appetite on telecommunication, bank, pharmaceuticals, taking the core index to new high.
The week witnessed four trading sessions instead of usual five as the market closed Sunday on the occasion of Eid-ul-Azha. Of them, three sessions closed higher while one saw mild correction.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-year back, rose 108.55 points or 1.81 percent to settle at 6,115 points.
According to LankaBangla Securities the broad index passed another buoyant week as the pre-Eid rally continued with the index gaining 108.5 points.
The stockbroker noted that the financial sector stocks mostly drove market activity throughout the week with massive share in market turnover.
The two other indices — the DS30 index and the DSE Shariah Index (DSES) – also followed the suit to close at 2,178 and 1,348 points, after soaring 39.78 points and 25.77 points respectively.
The port city bourse, Chittagong Stock Exchange (CSE), also ended higher with its Selective Categories Index, CSCX, advancing by 226 points or 2.0 percent to settle at 11,468.
The total turnover for the week stood at BDT 42.31 billion on major bourse which was BDT 45.45 billion in the week before, falling 6.91 percent as last week saw four trading sessions instead of previous week’s five.
The daily turnover averaged at BDT 10.58 billion, which was 16.36 percent higher than the previous week’s average of BDT 9.08 billion.
Banking sector kept its dominance in turnover chart, grabbing 35 percent of the week’s total transaction, followed by financial institutions with 11 percent and textile 10 percent.
International Leasing Securities, said, “Investors participation backed by hope brought buoyancy in sector specific stocks helped the benchmark index to cross 6,100 points mark for the first time after its inception since January 2013”.
“Persistent upbeat market trend tempted the sideline investor injected fresh fund on stocks which led the average turnover to cross Tk 10.50 billion after four weeks,” the stockbroker said.
The large-cap sectors showed mixed performances. Telecommunication posted the highest gain of 4.28 percent, followed by banks with 3.57 percent, pharmaceuticals 0.97 percent and food & allied 0.26 percent.
Engineering, fuel & power and financial institutions lost 0.56 percent, 0.24 percent and 0.05 percent respectively.
Of the 334 issues traded, 178 closed higher, 136 lower and 20 remained unchanged on the DSE trading floor.
LankaBangla Finance topped the week’s turnover chart with 27.41 million shares of BDT 1.70 billion changing hands, closely followed by National Bank, Fortune Shoes, IFIC Bank and Premier Bank.
Social Islami Bank was the week’s highest gainer, posting a 28.24 percent gain, while Samata Leather Complex was the worst loser, losing 15.30 percent.