Stocks extended the winning streak for the second consecutive week to Thursday, as bargain hunters kept their buying interest in rumor-based small-cap shares in anticipation of quick gains.
This week featured five trading days. Of them, four sessions posted gains while one suffered losses, with investors mostly focused on small-cap stocks.
Small-cap shares are still favourites among a section of investors even though these securities are believed to be manipulated.
Low-cap stocks such as Fu-Wang Food, Daffodil Computers, Intraco Refueling Station and Khan Brother PP Woven Bag Industries were on the list of the top weekly advancers.
These companies are not able to pay dividends regularly due to losses and they are struggling to keep production running, but their stocks prices are soaring based on the rumour that their price will rise further.
The market movement was led by these particular small-cap stocks as they sought to take positions in the quick rallies in anticipation of quick gains, said a leading broker.
"Investors are turning to small-caps once again instead of fundamental shares in hopes of higher returns from lower investments," he added.
These stocks have, however, insignificant impact on the market index. As a result, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up only 19.41 points or 0.31 per cent to settle at 6,299.50.
The DSEX added almost 45 points in the past two consecutive weeks.
The DS30 Index, which consists of blue-chip companies, also gained 11 points to close at 2,141 and the DSES index, which represents Shariah-based companies, rose nearly 7 points to 1,372.
Market operators said stocks managed to close in the green back-to-back week as some investors opted to seize quick gain opportunities in sector-specific stocks that recently faced sharp corrections.
The market extended its gaining streak as opportunistic investors continued to show their buying interest in sector-specific issues with quick gain potential, said EBL Securities, in its weekly analysis.
Despite ending on a positive note for the majority of the sessions, the market experienced volatility as cautious investors opted for profit booking since their willingness to take long-term positions in equities reduced due to the prevailing market volatility, said the stockbroker.
The investors' participation remained sluggish as cautious investors preferred to stay on the sidelines to observe the market momentum amid uncertainties regarding the market outlook, it added.
Turnover, the crucial indicator of the market, stood at Tk 22.28 billion in total, up slightly from Tk 21.91 billion in the week before.
The average daily turnover stood at Tk 4.45 billion in the outgoing week as against Tk 4.38 billion in the previous week.
Investors were mostly active in the food sector, capturing 23 per cent of the week's total turnover, followed by miscellaneous with 12 per cent and life insurance 8 per cent.
However, the majority of the traded issues remained stuck at floor price as 382 issues traded, 224 remained unchanged, 90 advanced and 68 closed in the red.
Small-cap sectors posted gains with paper & printing saw the highest price appreciation rising 6.10 per cent, followed by service & real estate, IT and travel & leisure.
Fu-Wang Food kept its dominance in the weekly turnover charts with shares worth Tk 2.25 billion changing hands. Its stock price also jumped 22.70 per cent during the week, becoming the week's top gainer.
The Chittagong Stock Exchange (CSE) also ended higher, with the CSE All Share Price Index (CASPI) gaining 63 points to settle at 18,633 and the Selective Categories Index (CSCX) rising 38 points to 11,139.
Of the issues traded, 78 advanced, 48 declined and 134 issues remained unchanged on the CSE.
The port city's bourse traded 11.92 million shares and mutual fund units with turnover value worth Tk 566 million
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