Dhaka, Bangladesh (BBN)– Bangladesh’s stocks ended higher for the three consecutive weeks that ended on Thursday, the first week of the new fiscal year, as investors continued to show their buying appetite on large-cap stocks.
Brokers said the market maintained its bullish trend due to ending the deadline for investment tax benefit, positive impact of VAT policy reversal and other budgetary changes.
The week comprised five trading sessions as usual. Of them, three sessions closed higher amid increased turnover value, while two sessions faced mild correction.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 93.61 points or 1.70 percent to settle at 5,750 points.
The two other indices also closed higher. The DS30 index and the DSE advanced 19.77 points or 0.96 percent to settle at 2,104 points.
The Shariah Index (DSES) followed the suit to close at 1,307 points, after advancing 10.23 points or 0.78 percent.
The port city bourse, Chittagong Stock Exchange (CSE), also closed higher with its Selective Categories Index, CSCX, advancing 185 points or 1.74 percent to settle at 10,776.
The total turnover for the week stood at BDT 53 billion on DSE, against the previous week’s total of BDT 14.29 billion as the previous week saw only two trading sessions instead of last week’s five.
Accordingly, the daily turnover averaged at BDT 10.59 billion, which was 48 percent higher than the previous week’s average of BDT 7.14 billion.
EBL Securities, a stockbroker, said, “The first week of the new fiscal year started with investors’ high optimism amid increased turnover value”.
The stockbroker noted that index shot up for the three trading sessions to reach a record high of 5,783 points since its inception in January 2013 during the week.
“The optimistic sentiment and positive expectation among the opportunist investors about the positive half-yearly operating profits by most of the listed banks helped to revive the buoyancy last week,” said International Leasing Securities, a stockbroker, in its regular market analysis.
The stockbroker noted that decline in bank interest rate and possible cut in savings certificate rate turned the market more attractive for the investors.
LankaBangla Finance topped the week’s turnover chart with shares of BDT 1.57 billion changing hands, followed by Regent Textile, Baraka Power, Fu-Wang and Keya Cosmetics.
Fu-Wang Food was the week’s highest gainer, posting a 33 percent rise, while Shinepukur Ceramic was the worst loser, losing 10.06 percent.