Stocks extended their winning spell for the 10th straight week that ended on Thursday, the first week of 2017, as enthusiastic investors continued their buying spree on large-cap stocks.
Analysts said the upbeat trend sustained having optimistic support of some large-cap stocks coupled with spontaneous participation backed by hopes and excitements, taking the prime index of the premier bourse nearly 27 months' high.
"The market passed another remarkable week, despite a section of investors booked profit, as persistent upbeat market scenario continued to lure investors to inject fresh fund on stocks," said an analyst at a leading brokerage firm.
The week witnessed five trading sessions as usual. All five trading sessions closed higher amid increased trading activities.
Week-on-week, the prime index of the Dhaka Stock Exchange (DSE), went up by 146.20 points or 2.90 per cent to finish at nearly 27 months' high at 5,182.25, which was the highest level of DSEX since October 21, 2014, when DSEX was 5,234. DSEX added 546 points during the last ten consecutive weeks.
LankaBangla Securities, a stockbroker, said, "All the five days of the week saw positive movement and the indices movement was mostly driven by financial and other large-cap stocks".
Since most of their year-end is in December and there is dividend expectation, these stocks moved up which eventually contributed to the upward trend of the broad index," said the stockbroker.
The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 53.33 points or 2.94 per cent to settle at 1,864.24. The DSE Shariah Index rose 30.33 points or 2.54 per cent to close at 1,222.20.
The port city bourse, Chittagong Stock Exchange (CSE), also maintained the upward trend with its Selective Categories Index, CSCX, jumping 271.21 points or 2.89 per cent to close at 9,641.12.
Turnover remained encouraging as the total turnover for the week soared to Tk 62.88 billion against Tk 43.01 billion in the week before last week saw five trading sessions instead of previous week's four.
The daily turnover averaged at Tk 12.58 billion, registering an increase of 17 per cent over the previous week's average of Tk 10.75 billion. It was the highest daily average turnover in a single-week in the last five years.
Engineering sector continued to lead the turnover chart, grabbing 21 per cent of the week's total turnover value, followed by textile and pharmaceuticals, capturing 14 per cent and 13 per cent respectively.
City Bank Capital Resources, a merchant bank, said, "The bullish trend was triggered by injecting fresh fund at the beginning of New Year amid growing confidence among the investors and increasing participation of investors including foreign institutions".
The benchmark index of the prime bourse started the maiden week of the New Year with a flying note amidst the increased participation from the investors," said International Leasing Securities, a stockbroker.
"The optimistic outlook regarding future market sentiment might have cheered the sideline investors to inject fresh funds in the market to keep the stock market vibrant".
"DSEX remained positive throughout the week though volatility was seen in last two sessions due to profit taking in several quick gaining stocks while large-cap stocks support the market," said Sheltech Brokerage.
The gainers took a strong lead over the losers as out of 328 issues traded, 251 closed higher, 60 closed lower and 17 remained unchanged on the DSE trading floor.
The total market capitalisation of the DSE also soared 2.38 per cent last week as it was Tk 3,412.44 billion on the opening day of the week, while it stood at Tk 3,493.50 billion on closing day of the week.
DESCO dominated the week's turnover chart with 38.54 million shares of Tk 1.95 billion changing hands, followed by Beximco Tk 1.83 billion, Bangladesh Building Systems Tk 1.75 billion, IFAD Autos Tk 1.46 billion and Ratanpur Steel Re-rolling Mills Tk 1.08 billion.
Central Insurance was the week's best performer, posting a 22.83 per cent gain, while Zeal Bangla Sugar Mills was the worst loser, slumping by 18.61 per cent.
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