Dhaka, Bangladesh (BBN)– Bangladesh’s stocks closed higher for the two consecutive weeks that ended on Thursday as investors continued their buying appetite on large-cap stocks, especially banks.
Analysts said the market extended gaining momentum as investors’ enthusiasm sustained on bank issues following their healthy quarterly earnings declaration.
“Stocks from banks have remained the driving force to push the index up while stocks from mutual fund, food & allied and services & real estate sectors also attracted for buyers,” said an analyst at a leading brokerage firm.
The week witnessed five trading sessions as usual. Of them, the key index of the prime bourse accumulated gain of 89.12 points in three sessions while remaining two sessions eroded 23.74 points.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-year back, went up by 65.38 points or 1.12 percent to settle at 5,880 points.
LankaBangla Securities, said, “The positive earnings declaration of several large-cap stocks along with dividend declaration of some major stocks could be the reason for such gain in index”.
However, two other indices faced marginal correction. The DS30 index and the DSE fell 5.98 points or 0.28 percent to settle at 2,123 points.
The Shariah Index (DSES) lost 6.02 points or 0.46 percent to finish at 1,312 points.
The port city bourse, Chittagong Stock Exchange (CSE), also finished higher with its Selective Categories Index, CSCX, advancing 116 points or 1.06 percent to settle at 11,013 points.
International Leasing Securities, a stockbroker, said, “Stocks observed a modest gain as the enthusiastic investors showed their buying appetite on banks amid optimism”.
The total turnover for the week rose sharply to BDT 53.22 billion on premier bourse which was BDT 31.17 billion in the week before.
The daily turnover averaged at BDT 10.64 billion, which was nearly 71 percent higher than the previous week’s average of BDT 6.23 billion.
LankaBangla Finance topped the week’s turnover chart for the two consecutive weeks with shares of BDT 2.45 billion changing hands, closely followed by City Bank, BBS Cables, C&A Textile and ONE Bank.
Dulamia Cotton Mills was the week’s highest gainer, posting 47 percent gain, while Pragati Life Insurance Company was the worst loser, losing 16.07 percent.