Dhaka, Bangladesh (BBN)– Bangladesh’s stocks witnessed yet another bullish week, extending the winning spell for the 12 in a row that ended on Thursday, as investors continued their buying spree on large-cap stocks.
Brokers said stocks posted sharp gain as the optimistic investors continued their buying spree amid growing confidence.
The week witnessed five trading sessions as usual. Of them, first three sessions rose substantially, fourth session faced major correction while last one closed flat.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), jumped 191.19 points or 3.58 percent to settle at 5,342.88 points.
LankaBangla Securities, said, “Even though the week saw a significant rise of the prime index, the index fluctuated in last two days and went through a correction phase”.
The stockbroker noted that the week’s rally largely supported by the large-cap stocks like bank, NBFI and several listed MNCs, which December year-end, amid earnings and dividend expectation.
The heavyweight bank and non-bank financial institutions sectors posted the highest gain of 7.24 percent and 6.76 percent respectively last week.
The two other indices also ended higher. The DS30 index, comprising blue chips, skyrocketed by 73.20 points or 3.83 percent to finish at 1,983.71 points.
The DSE Shariah Index rose 32.54 points or 2.62 percent to close at 1,275.55 points.
The port city bourse, Chittagong Stock Exchange (CSE), also maintained the upward trend with its Selective Categories Index, CSCX, jumping 337 points or 3.38 percent to close at 10,286.57 points.
Turnover remained encouraging as total turnover for the week soared to BDT 89.78 billion which was BDT 71.40 billion in the week before.
The daily turnover averaged at BDT 17.96 billion, registering an increase of 25.75 percent over the previous week’s average of BDT 14.28 billion.
International Leasing Securities, said, “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 329 issues traded, 203 closed higher, 117 closed lower and 9 remained unchanged on the DSE trading floor.
Beximnco dominated the week’s turnover chart for the second straight week with 107.88 million shares of BDT 3.97 billion changing hands, followed by Baraka Power, LankaBangla Finance, Bangladesh Building Systems and IFAD Autos.
Baraka Power was the week’s best performer, posting a 26.40 percent gain, while Imam Button was the worst loser, slumping by 11.48 percent.