Stocks extended the winning streak for the ninth straight sessions on Thursday, taking the core index to 15-month high, as investors were still on a buying spree, putting bets on lucrative shares amid heightened optimism.
According to market insiders, investors' enthusiasm persisted owing to the presence of institutional investors, including global fund managers, who have been investing in large-cap stocks.
The market rally was largely supported by high market liquidity and heavyweight bank stocks ahead of dividend declaration.
The DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up 21 points to settle at 6,373, the highest since November 8, 2022.
The DSEX added 293 points in the past nine trading days.
The stocks of 32 banks soared while three others remained unchanged, driving the overall market value of the sector up by 1.70 per cent.
The top positive index contributors were Beacon Pharma, IFIC Bank, Fortune Shoes, Southeast Bank, Saif Powertec, Shahjalal Islami Bank, United Commercial Bank, Malek Spinning Mills, Prime Bank, and Jamuna Bank.
These 10 stocks added more than 31 points to the Dhaka bourse's key index, according to a market analysis by EBL Securities.
Buyers' dominance continued due to a boost to investor confidence across the trading floor.
Investors' interest in particular large-cap issues played a significant role in extending the upward trend, said EBL Securities.
Favourable earnings disclosure for the recently ended quarter also prompted investors to inject fresh funds in selective stocks, said the stockbroker.
"The investors showed buying interest in the giant banking sector stocks, as they deemed the price level of particular bank stocks to be at an attractive level," it said.
Turnover, a crucial indicator of the market, rose to 17-month high of Tk 18.58 billion.
The pharmaceuticals sector kept its dominance on the day's turnover chart, accounting for 17 per cent of the day's market turnover, followed by engineering 14 per cent and textile 13 per cent.
The floor price removal and peaceful national election boosted investors' confidence while those, who had been on the sidelines for long, returned to the market. A majority of the stocks saw price surge, as out of the 394 issues traded, 210 closed higher, 140 ended lower and 44 remained unchanged on the DSE trading floor.
Investors demonstrated increased buying appetite in the stocks of banking, textile, non-bank financial institutions, and travel & leisure sectors.
Central Pharmaceuticals became the most-traded stocks with shares worth Tk 650 million changing hands, followed by IFIC Bank, Orion Infusion, Malek Spinning Mills, and Fortune Shoes.
The newly-listed Best Holdings was the day's top gainer, which soared 10 per cent further to close at Tk 31.90 per share on Thursday.
The stock jumped more than 30 per cent in the past three days after debut trading.
The Chittagong Stock Exchange (CSE) also ended higher, with its All Share Price Index (CASPI) rising 121 points to settle at 18,296 and the Selective Categories Index (CSCX) gaining 73 points to close at 10,951.
The port city bourse traded 18.43 million shares and mutual fund units, leading to a turnover of Tk 363 million.
© 2024 - All Rights with The Financial Express
