The benchmark index of the Dhaka Stock Exchange (DSE) extended its bullish run for a fourth week in a row, driven by expectations of a favourable market outlook amid anticipated post-election political clarity.
Market analysts said investor sentiment remained upbeat just before the national election held on Thursday, prompting accumulation in major large-cap stocks, particularly in the banking sector, on optimism over prospective structural reforms under the newly elected government.
The BNP-led alliance secured an absolute majority in the 13th parliamentary and is set to form the next government.
Following the BNP's landslide victory, market operators expressed strong optimism that the transition would bolster confidence among local and foreign investors and send a much-needed signal of political and economic stability.
BNP Chairman Tarique Rahman in its party manifesto already pledged to restore good governance, strengthen institutional capacity, and formulate investment-friendly tax policies to encourage stock market investment.
This week, buyers dominated the trading floor, leading to broad-based gains across sectors for a fourth consecutive week.
A leading broker said the ongoing recovery was driven by broad-based investor participation, as investor confidence was reinforced by opportunistic buying in fundamentally strong stocks.
The banking sector remained the main focus for investors, accounting for nearly 19 per cent of total market turnover. The sector gained 3.5 per cent during the week, underscoring its pivotal role in driving overall market growth.
This week, trading was limited to three sessions as the market remained closed on Wednesday and Thursday due to the national election. The week began with modest profit-taking following the previous week's gains, but the last two sessions ended sharply higher.
As a result, the benchmark DSEX index settled the week 166 points, or 3.16 per cent, higher at nearly 5,400.
Over the past four weeks, the DSEX has gained a total of 381 points while the market-cap surged by Tk 247 billion to Tk 7.09 trillion at the end of this week.
EBL Securities, in its weekly market analysis, said the market observed buoyancy in the week ahead of election holidays, extending the upward trajectory for the fourth consecutive week, as investors accumulated perceived lucrative stocks amid optimism of a favourable post-election market outlook.
The blue-chip DS30 index, a group of 30 prominent companies, also climbed 57 points to close at 2,059 while the DSES index, which represents Shariah-based companies, gained 25 points to 1,097.
The price gain of selective banking stocks such as BRAC Bank, Beximco Pharma, National Bank, Prime Bank and Renata, largely contributed to the market surge. These five stocks accounted for a 39-point rise in the DSEX.
BRAC Bank alone added more than 12-point to the prime index as the bank's stock jumped 4 per cent during the week.
Beximco Pharma accounted for 8.1 points rise in the major index, followed by National Bank and Prime Bank.
However, the total market turnover stood at Tk 19.15 billion, down from Tk 26.73 billion the previous week, as this week saw three trading sessions, compared to four in the week before.
Accordingly, the average daily turnover stood at Tk 6.38 billion, a 5 per cent decrease from the previous week's average of Tk 6.68 billion.
Gainers strongly outnumbered the losers on the DSE floor. Of the 390 issues traded, 353 closed higher and 29 ended lower while eight remained unchanged.
Major sectors showed positive performance. The non-bank financial institutions sector posted the highest gain of 6 per cent, followed by banking, power, food pharma, and telecom sectors.
BRAC Bank became the most-traded stocks, with shares worth Tk 545 million changing hands, closely followed by Islami Bank, Asiatic Laboratories, Dominage Steel and Simtex Industries.
The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI) rising 303 points to close at 15,034, while the Selective Categories Index (CSCX) surged 150 points to 9,272.
The port city bourse traded 7.48 million shares and mutual fund units with turnover value of Tk 246 million.
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