Stocks extend gaining streak for 4th week

Stocks gained sharply last week, extending the gaining streak for the fourth straight week amid the investors' growing confidence and apparent stability in the market.
The week witnessed five trading sessions as usual and the market posted an impressive gain in first four trading sessions, while the last one saw profit booking correction.
The prime index of Dhaka Stock Exchange, DSEX, closed the week at its highest-ever level of 4,395.94 points since its inception on January 28, 2013, gaining 154.40 points or 3.64 per cent over the previous week.
The performance of the blue-chip stocks was also commendable ,as DS30 advanced 97.00 points or 6.70 per cent in the week and closed at 1,543.99 points.
Both the indices-- DSEX and DS30-- posted healthy returns of 8.38 per cent and 5.73 per cent respectively since their launch on January 28, 2013.
The Chittagong Stock Exchange (CSE) also ended higher last week with its Selective Categories Index gaining 325.50 points or 3.93 per cent to close the week at 8,600.28.
Trading remained lively on all the five sessions of the week especially on the last three sessions. The total market turnover amounted to Tk 34.84 billion in the week against previous week's total Tk 23.72 billion.
The daily turnover averaged Tk 6.97 billion last week, which was 46.6 per cent higher over last week's average Tk 4.74 billion. This week's average daily turnover was 1.8 times the average turnover for the calendar year 2013 so far.
Mohammad A Hafiz, President of Bangladesh Merchant Bankers Association (BMBA), said a gradual increase in investors' confidence helped the market set the new record.
Weekly closing points of the benchmark index are at its highest level since its inception on January 28, 2013. Turnover was also higher throughout the week.
The gainers took a strong lead over the losers as out of 296 issues traded during the week, 230 advanced, 51 declined and 15 remained unchanged on the prime bourse.
All the major sectors posted hefty gains in the week except banks as the largest sector in the market lost 0.15 per cent during the week.
Telecommunications and pharmaceuticals were the marker movers of this week as both of them advanced 7.16 per cent each. They were followed by fuel & power and NBFIs which gained 5.82 per cent and 3.52 per cent respectively.
The market capitalisation of the DSE went up sharply by 3.26 per cent as it was Tk 2,621.99 billion at the opening day of the week and it stood at Tk 2,707.46 billion at the closing day of the week.
A new issue -- Paramount Textile-- made debut trading on Wednesday and gained 63.27 per cent in the session with Tk 357.90 million turnovers on that day.
A total of three listed companies--Atlas Bangladesh, Envoy Textile and Rahima Food-- made corporate declarations during the week.
Generation Next Fashion became the week's top turnover leaders with shares worth Tk 1.58 billion changing hands. Meanwhile, textile and banks remained centre of investment activities and it accounted for 21 per cent and 15 per cent of week's total turnover value.
Bangladesh Building Systems was the week's top gainer, posting a rise of 54.74 per cent while, Delta Life Insurance was the week's worst losers, slumping by 24.09 per cent.