Stocks closed higher on Thursday, the last session of the week, extending the gaining streak for the third consecutive session, as investors showed their buying appetite for specific issues in the major sector.
The Dhaka Stock Exchange (DSE) opened on a positive note and its benchmark index, DSEX, continued its upward trend for the first two hours before witnessing a brief correction.
The DSEX soon bounced back and finally settled at 4974.83 points, registering a rise of 0.81 per cent or 39.97 points.
Two sub-indices of the DSE also edged up. The Shariah-based DSES advanced 0.79 per cent or 8.91 points to close at 1135.53 points while the DS30, comprising blue chips, gained 1.29 per cent or 22.14 points to finish 1727.12 points.
Of 352 issues traded on the DSE floor, 184 advanced, 75 declined and 93 remained unchanged.
However, the total turnover was down 2.18 per cent from the previous session. It clocked in at Tk 8.22 billion on Thursday. Of the total turnover, Tk 364 million came from transactions executed in the block board.
Market analysts said the optimistic investors continued their buying spree amid optimism and the DSE extended the gaining streak riding on the regulatory moves taken to restore discipline in the market.
"The investors' enthusiasm increased as the securities regulator has recently allowed treasury bonds to be traded through the BO accounts which indicate a positive move for the development of the secondary bond market," the International Leasing Securities commented.
The bargain hunters opted for the mutual fund units amid positive expectation as the recent sell pressure gave an opportunity at a low price, it added.
The optimistic investors were also taking positions on most of the major sector stocks while some others liquidated their shares from travel, cement and life insurance sectors, said the stockbroker.
Beximco topped the turnover chart with shares worth Tk 426 million changing hands, followed by Republic Insurance (Tk 338 million), Beximco Pharmaceuticals (Tk 284 million), Nitol Insurance (Tk 232 million) and Paramount Textile (Tk 227 million).
Of the gaining sectors, banking sector advanced 0.3 per cent, engineering 1.0 per cent, financial institutions 1.5 per cent, fuel & power 0.5 per cent, pharmaceuticals & chemicals 1.3 per cent and telecommunication 0.4 per cent.
Of the sectors which witnessed price correction, life insurance sector declined 0.3 per cent, cement 0.3 per cent and travel & leisure 0.6 per cent.
Investors' participation was concentrated mostly on general insurance sector, which grabbed 24.2 per cent of the market turnover, followed by pharmaceuticals & chemicals (12.90 per cent), engineering (9.5 per cent) and textile (6.9 per cent).
The newly listed company Dominage Steel Building Systems was the number one gainer, jumping 50 per cent to Tk 22.50 each.
Shyampur Sugar Mills was the worst loser, shedding 5.78 per cent to close at Tk 55.40 each. The company's share price plunged following the news that its board of directors decided to suspend the sugarcane processing for 2020-21.
The Chittagong Stock Exchange (CSE) also closed higher on Thursday, with its benchmark index, CASPI, rising 0.73 per cent or 104.42 points to close at 14262.56 points.
Of 258 issues traded on the CSE floor, 144 advanced, 62 declined and 52 others remained unchanged.
The port city bourse logged a turnover of Tk 248.22 million.
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