Stocks soar for 4th week as large caps surge amid optimism

Staff Correspondent | Published: 00:20, Sep 17,2017

 
 

Dhaka stocks extended winning vibe to the fourth consecutive week with the key index, DSEX, reaching an all-time high as shares of all the large capitalised sectors surged on investors optimistic purchasing.
The key index of Dhaka Stock Exchange gained 1.45 per cent, or 88.92 points, over the week to close at 6,203.90 points on Thursday, the highest after its launch with 4,055 points on January 28, 2013.
The DSEX gained 342 points in the last four weeks.
The equity market opened with a bullish trend, increasing 53 points on Sunday that declined in the next two sessions as investors went for profit taking from their gains, market operators said.
However, the market rebounded in the next sessions and closed the week, hitting all time high marks, they said.
Brokers said that the market reached to fresh high as shares of all the large capitalised sectors increased except engineering sector on optimistic share purchasing from the investors over the week.
Analysts opined that an increased fund flow into the capital market and its positive trend in recent time led to the surge.
As all the indices of the bourse hit records for several times in recent weeks, investors, even who were in the sideline observing the market, moved towards injecting fresh fund into the capital market with expectation of healthy profit, stockbrokers said.
Among the prominent sectors, the average share prices of pharmaceuticals, cement, telecommunication and banks advanced by 4.5 per cent, 3.7 per cent, 3.3 per cent and 0.1 per cent respectively that triggered the bullish outcome on the week.
Out of top ten market capitalisation leaders, eight advanced and just two declined while all the turnover leaders advanced over the week.
On the other hand, the average share prices of engineering and IT declined by 1.7 per cent and 0.8 per cent respectively.
The daily average turnover on the bourse increased further by 16.56 per cent to Tk 1,232.85 crore compared with that of Tk 1,057.74 crore in the previous week.
‘Investors shifted their profit booking tendency and kept on taking position on stocks,’ said EBL Securities in its weekly market review.
‘Bangladesh equities passed another buoyant week as the pre-Eid rally sustained with the index gaining 88.9 points,’ said LankaBangla Finance in its daily market commentary.
Of the 333 companies and mutual funds traded, 178 advanced, 136 declined and 19 remained unchanged.
DS30, the blue chip index of DSE, added 2.14 per cent, or 46.69 points, to close at 2,225.19 points over the week after increasing by 40 points in the previous week.
The Shariah index of the bourse, DSES, added 2.78 per cent, or 37.41 points, to close at 1,385.28 points.
LankaBangla Finance led the turnover chart in the week with its shares worth Tk 288.01 crore changing hands.
Square Pharmaceuticals, Premier Bank, City Bank, Al-Arafah Islami Bank, Grameenphone, First Security Islami Bank, National Bank, Fortune Shoes, Lafarge Surma Cement and Mercantile Bank were the others turnover leaders.
Provati Insurance Company gained the most during the week with a 18.37-per cent increase, while Bangladesh Steel Re-Rolling Mills was the worst loser, shedding 11.30 per cent.

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