Stocks witnessed yet another bullish week, extending the gaining spell for the eleven weeks in a row, as enthusiastic investors continued their buying spree on large-cap stocks.
Following the consistent rally, DSEX, the prime index of Dhaka Stock Exchange (DSEX), rose to 5,343 points in the last session of the week, for the first time since DSEX was introduced on January 28, 2013.
Analysts said amid growing confidence, coupled with anticipating positive year-end earning declarations, the investors continued their buying spree, pushing the benchmark index to its new high.
"The recent rally of the market has been largely supported by high market liquidity and fundamental stocks which are not yet overly stretched," said an analyst at a leading brokerage firm.
He noted that the interest rate on deposit has come down to significant low in recent times which encouraged many depositors to switch from the banks to the capital market.
"However, the investors should carefully invest in a rising market and should analyse the fundamentals of securities beforehand," he added.
The week witnessed five trading sessions as usual. Among them, the first session faced mild correction, while last four ended in higher amid increased participation from investors.
Week-on-week, the prime index of the Dhaka Stock Exchange (DSE), went up by 160.63 points or 3.10 per cent to finish at 5,342.88, reaching the highest level of DSEX since its inception on January 28, 2013.
"DSEX created a historical high of 5,342.9 points, since its inception in January 2013, breaking its previous record high of 5,334.0 points, set in October 2014," said IDLC Investments.
The Dhaka bourse introduced DSE Broad Index (DSEX) - replacing the DSE General Index (DGEN) on January 28, 2013, based on the free-float methodology used by the world's major stock exchanges.
However, the then DGEN hit highest-ever level in history at 8,918.51 points on December 5, 2010, when the market was at its peak before crash. Turnover also recorded highest-ever at Tk 32.49 billion on that day.
LankaBangla Securities, a stockbroker, said, "The market movement was largely driven by financial and other large-cap stocks".
The stockbroker noted that 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.
"The next major resistance level lies at 5,400-mark," the stockbroker said.
The two other indices also ended higher. The DS30 index, comprising blue chips, soared 46.27 points or 2.48 per cent to settle at 1,910.51. The DSE Shariah Index advanced 20.81 points or 1.70 per cent to close at 1,243.01.
The port city bourse, Chittagong Stock Exchange (CSE), also maintained the upward trend with its Selective Categories Index, CSCX, jumping 308.44 points or 3.20 per cent to close at 9,949.56.
"Stocks witnessed sharp gain as the optimistic investors continued their buying spree amid growing confidence," said EBL Securities, a stockbroker, in its weekly analysis.
Turnover remained encouraging as total transaction for the week soared to Tk 71.40 billion which was Tk 62.87 billion in the week before.
The daily turnover averaged at Tk 14.28 billion, registering an increase of 13.56 per cent over the previous week's average of Tk 12.58 billion. It was also the highest daily average turnover in a single-week in the last five years.
"It is worth mentioning that market gained for eleven straight weeks and registered a cumulative gain of 15.2 per cent or 707 points," City Bank Capital Resources, a merchant bank, said in its weekly market commentary.
The merchant bank noted that the trend triggered by injecting fresh fund amid growing confidence among the investors and increasing participation of investors including foreign institutions.
International Leasing Securities, a stockbroker, said, "The optimistic outlook regarding future market sentiment might have cheered the sideline investors to inject fresh funds in the market, keeping the market vibrant".
Engineering sector continued to lead the turnover chart, grabbing 20 per cent of the week's total turnover value, followed by textile and fuel and power, capturing 15 per cent and 11 per cent respectively.
The gainers took a strong lead over the losers as out of 330 issues traded, 240 closed higher, 79 closed lower and 11 remained unchanged on the DSE trading floor.
The total market capitalisation of the DSE also soared 2.84 per cent last week as it was Tk 3,493.50 billion on the opening day of the week, while it stood at Tk 3,592.69 billion on closing day of the week.
Beximnco dominated the week's turnover chart with 107.86 million shares of Tk 3.49 billion changing hands, followed by IFAD Autos Tk 1.74 billion, LankaBangla Finance Tk 1.61 billion, Appollo Ispat Tk 1.38 billion and Bangladesh Building Systems Tk 1.37 billion.
Investment Corporation of Bangladesh (ICB) was the week's best performer, posting a 33.78 per cent gain, while Fine Foods was the worst loser, slumping by 9.73 per cent.
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