Dhaka stocks sustained its rally in another session Wednesday, extending the gaining streak for the seventh session in a row as investors took position on selective large cap blue chip stocks.
The market opened on buoyant mood in the morning as the prime index of Dhaka Stock Exchange - DSEX crossed 5,000-mark but lost some points in the final session due to booking profits on financial stocks.
At the end of session, DSEX edged up by 12.60 points or 0.25 per cent to settle at 4,979.72 points, the highest level since its inception on January 28, 2013.
The two others indices saw sharp gain. The DS30, comprising blue chips, soared 32.51 points or 1.71 per cent to close at 1,924.22 points. The DSE Shariah Index gained 14.82 points or 1.29 per cent to close at 1,162.58 points.
The total turnover on DSE remained above Tk 9.0 billion for the last six consecutive sessions. The total turnover stood at Tk 9.32 billion, which was 8.17 per cent lower over the previous session value of Tk 10.15 billion.
The investors' attention was mostly concentrated on engineering, power and pharmaceuticals - the sectors that accounted for 23 per cent, 15 per cent and 13 per cent respectively of the day's total turnover.
"The market moved ahead further with investors' focus on selective large cap blue chip stocks," said IDLC Investments, in its regular market analysis.
The ongoing momentum and sustaining activity level continued creating optimism among investors. As a result, all the indices broke previous records, said the merchant bank
LankaBangla Securities said: "Upside in stocks continued to cherish the market with a sequence of winning streak in index".
"As market is gaining momentum amid active participation from investors, it seems like investors believe DSEX to cross 5,000-mark on a zigzag pattern and stocks to spark more in long run," said the stock broker.
The day started with rally on financial stocks, however, manufacturing stocks ended the day in green, said the stock broker.
"The market's bull-run delivered another upward session amidst the investors' thriving optimism on engineering and cement sectors," said International Leasing Securities.
Newly listed RSRM Steels along with BSRM Steels led the engineering sector's positive movement, while Lafarge Surma and RAK Ceramic from cement and ceramic sector earned outstanding returns, said the International Leasing.
Zenith Investments said: "With signs of full recovery, market has stabilized on the platform of bullish region, trading with significant turnover volume everyday.
Given the positive developments of the capital market, stock prices are also showing robust growth along with volume, said the Zenith analysis.
Among the major sectors, cement sector gave the highest return recording 7.0 per cent gain followed by engineering 3.2 per cent. Fuel and power and food and allied sectors also gained 0.67 per cent and 0.17 per cent respectively.
Banks saw a heavy correction with 2.10 per cent loss after previous day's sharp gain. NBFIs also closed in red with 1.34 per cent loss. Telecommunication and pharmaceuticals edged down by 0.26 per cent and 0.22 per cent respectively.
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