Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended the gaining streak for the four straight weeks that ended on Thursday as investors continued to show their buying appetite on large-cap stocks amid optimism.
Brokers said declining interest rate on bank deposit, possible rate cut on saving instruments coupled with optimism of June closing earnings and dividend declarations continued to prompt investors to put fresh stakes on stocks.
The week featured five trading sessions as usual. Of them, four sessions closed higher while one faced correction.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-year back, went up by 53 points or 1.48 percent to settle at 5,835, the highest level of DSEX since its inception on January 27, 2013.
The two other indices — the DS30 index and the DSE Shariah Index (DSES) – also followed the suit to close at 2,131 and 1,327 points, after advancing nearly 28 points and 20 points respectively.
The port city bourse, Chittagong Stock Exchange (CSE), also finished higher with its Selective Categories Index, CSCX, soaring 163 points or 1.51 percent to settle at 10,939.
International Leasing Securities, said, “June closing earnings and dividend declarations lured the sideline investors to inject fresh funds into the market, taking the daily average turnover to BDT 11.38 billion”.
The stockbroker noted that buoyancy of shares mostly from telecom, bank, food and cement sectors contributed to the upsurge in indices last week.
The total turnover for the week rose to BDT 57 billion on DSE, against BDT 53 billion in the week before.
The daily turnover averaged at BDT 11.38 billion, which was 7.0 percent higher than the previous week’s average of BDT 10.59 billion.
Textile sector kept dominance in turnover chart for the third straight week, capturing 18 per cent of the week’s total turnover value, followed by bank 15 per cent and pharmaceuticals 14 per cent.
EBL Securities, said, “Throughout the week investors remained optimistic amid strong participation. Investors kept up their hope as market is going through a positive vibe”.
Along with the prime index, the total market capitalisation of the DSE also reached to an all-time high of BDT 3,918 billion at closing day of the week, surpassing the previous high of BDT 3,893 billion recorded on Tuesday.
Keya Cosmetics topped the week’s turnover chart with shares of BDT 3.34 billion changing hands, followed by Beximco, Fu-Wang Food, GP and Confidence Cement.
Fu-Wang Food was the week’s highest gainer, posting 18.10 percent rise, while Western Marine Shipyard was the worst loser, losing 8.75 percent.