Stocks finished higher for the 13 consecutive weeks that ended on Thursday as investors continued their buying spree on large-cap stocks amid optimism.
Analysts said having optimistic support of large-cap stocks, especially from banks, non-bank financial institutions and telecommunication sectors, the market maintained the upbeat trend for the past 13 weeks in a row.
"Stocks witnessed substantial gain in first three sessions of the week riding on financial stocks, but last two sessions faced some correction as investors rebalanced their portfolio as listed companies started to release earnings reports," said a leading stockbroker.
The week witnessed five trading sessions as usual. Of them, first three sessions rose substantially by 175 points of the DSEX while last two sessions faced nearly 90 points correction.
Week-on-week, the prime index of the Dhaka Stock Exchange (DSE) went up by 84.58 points or 1.53 per cent to finish the week at 5,618.65 points.
During the 13 weeks rally, DSEX, the prime index of the DSE, registered a cumulative gain of 982 points or 21 per cent.
"The recent growth of turnover and index is reflected that the investors' confidence in the market is coming back," said an analyst.
He, however, said the investors should carefully invest in a rising market and should analyse the fundamentals of securities beforehand.
The two other indices also closed higher. The DS30 index, comprising blue chips, advanced 54.77 points or 2.76 per cent to settle at 2,038.48. The DSE Shariah Index rose 16.94 points or 1.33 per cent to close at 1,292.49.
"The bullish trend of the market was triggered by healthy gain in bank and non-bank financial institutions for expecting better corporate disclosure ahead," said City Bank Capital Resources, in its weekly analysis.
Turnover, the crucial indicator of the market, remained encouraging as total turnover for the week stood at Tk 86.57 billion which was Tk 89.78 billion in the week before.
The daily turnover averaged at Tk 17.31 billion, registering a decline of 3.58 per cent over the previous week's average of Tk 17.95 billion.
The heavyweight banking sector led the turnover chart, capturing 24 per cent of the week's total turnover value, followed by engineering 12 per cent and pharmaceuticals 11 per cent.
"The market remained bullish for the 13 consecutive weeks as the investors continued their buying spree on large-cap stocks especially bank," commented International Leasing Securities, a stockbroker, in its weekly analysis.
The stockbroker noted that the week saw some volatility in the last two sessions as the risk-averse investors booked quick-gain while fluctuations in buyers' attention in stock positioning were also apparent ahead of quarter-end earnings disclosure.
IDLC Investments, a merchant bank, said, As earnings disclosure started to came into the market, investors showed tendency to rebalance their portfolio in response to positive earnings disclosure and expectations, especially in the last two trading sessions".
"Even though the week saw a significant rise of the prime index, the index fluctuated in last two days and went through a correction phase," said LankaBangla Securities, a stockbroker, in an analysis.
The stockbroker noted that the week's rally was largely supported by the large-cap stocks like bank which posted 9.24 per cent gain last week.
The port city bourse, Chittagong Stock Exchange (CSE), also maintained the upward trend with its Selective Categories Index, CSCX, jumping 262.41 points or 2.55 per cent to close at 10,549.
Three listed companies - RAK Ceramics, Shasha Denims and Berger Paints recommended dividend last week.
RAK Ceramics recommended 20 per cent cash and 5.0 per cent stock dividend, Shasha Denims declared 12.50 per cent interim cash dividend and Berger Paints declared 175 per cent interim cash dividend.
The losers took a modest lead over the gainers as out of 330 issues traded, 168 closed lower, 150 closed higher and 12 remained unchanged on the DSE trading floor.
The total market capitalisation of the DSE also soared 1.48 per cent last week as it was Tk 3,686.63 billion on the opening day of the week, while it stood at Tk 3,741.17 billion on closing day of the week.
Islami Bank dominated the week's turnover chart with 61.13 million shares of Tk 2.76 billion changing hands, followed by Beximco Tk 2.63 billion, Baraka Power Tk 2.17 billion, LankaBangla Finance Tk 2.04 billion and City Bank Tk 1.73 billion.
Islami Bank was the week's best performer, posting a 29.89 per cent gain, while BD Autocars was the worst loser, slumping by 15.84 per cent.
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