Stocks extended their winning streak for the four straight weeks that ended Thursday despite the premier bourse faced 'technical glitches' in the first two trading sessions of the week.
The Dhaka Stock Exchange (DSE) witnessed major technical glitches in the first two trading days of the week and forced the authorities to delay trading activities and cut trading hours to one hour and 40 minutes in opening day of the week.
The week featured five trading sessions as usual. Of those, the market closed higher in first three sessions while last two saw correction.
Week-on-week, DSEX, the benchmark index of the DSE, went up by 61.43 points or 1.37 per cent to end at 4,544.71 points.
The two other indices also ended higher. The DS30 index, comprising blue chips, gained 48.02 points or 2.85 per cent to close at 1,731.45 points. The DSE Shariah Index rose 16.50 points or 1.52 per cent to close at 1,099.43 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended higher for the fourth week, with its Selective Categories Index - CSCX - gained 125 points or 1.48 per cent to close the week at 8,583 points.
Overall market participants remained widely active throughout the week. The total turnover for the week stood at Tk 37.36 billion against Tk 38.36 billion the week before. The daily turnover for the week averaged Tk 7.47 billion, registering a decline of 2.6 per cent over the previous week's average of Tk 7.67 billion.
The investors' attention mostly remained focused on power, pharma and engineering - the sectors that accounted for 25 per cent, 16 per cent and 14 per cent respectively of the week's total turnover.
"The market extended its winning streak amid hope that upcoming budget would be congenial to capital market and industries would get budget boost," said LankaBangla Securities, in its weekly analysis.
First two days of the week went through some technical glitches and the major bourse saw large volume trading in following days as investors marched up in equity market, said the stock broker.
However, week closed with sharp correction in index by eroding some early gain on stocks as traders became watchful about the potential clues in economic data and government's stance on extending the time limit in capital market exposure of bank and financials, the stock broker added.
IDLC Investments, a merchant bank, said, "The week remained volatile while initial gain was partly subdued due to profit realisation by investors".
Enthusiasm from the market participants were evidenced from the weekly average turnover of 7.47 billion. However, in the recent bull-run, many weak fundamental shares also appreciated in price, said the merchant bank.
"Expectation of market-friendly policies in the forthcoming budget and enduring gaining spell helped the investors to become confident," said International Leasing Securities, a stock broker, in its weekly analysis.
However, the bourse tuned negatively in the last two sessions of the week amid profit booking sell-offs, said the International Leasing.
The large-cap sectors witnessed mixed performance last week. NBFIs fell 1.71 per cent. Telecommunication also lost 0.65 per cent. Cement saw steep gain of 6.54 per cent. Food and allied and power sector gained 1.46 per cent and 1.15 per cent. Pharma and banks closed flat.
Losers, however, took a lead over the gainers as out of 322 issues traded, 203 declined, 108 advanced and 11 remained unchanged on the DSE trading floor.
Two listed companies - Delta Life Insurance and Familytex (BD) recommended dividend last week. Delta Life Insurance recommended 20 per cent cash while Familytex recommended 10 per cent stock dividend.
The market capitalisation of the DSE went up slightly by 0.83 per cent as it was Tk 3,177.46 billion on the opening day of the week and it stood at Tk 3,203.43 billion on closing day of the week.
KPCL remained the week's top turnover leader with shares worth Tk 2.64 billion changing hands during the week followed by United Power, BSCCL, Beximco and RAK Ceramics and Summit Alliance Port.
Bangladesh Steel Re-rolling Mills was the week's best performer, posting a rise of 32.28 per cent while Familytex was the week's worst loser, plunging by 16.85 per cent.
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