The prime index of Dhaka bourse struck last week its peak since its inception early last year as the market was on a steady gaining streak for four straight weeks.
The market witnessed strong buying pressure from investors as continuous positive market trend boosted their confidence and encouraged them to take fresh position, said an analyst.
Last week featured all five trading sessions as usual. Among them, the market witnessed sharp gain four trading sessions while one saw marginal correction.
Week-on-week, the prime index of the Dhaka Stock Exchange (DSEX) gained a staggering 190.27 points or 4.07 per cent to close the week at 4,866.19 points which is the highest level of DSEX since its inception on January 28, 2013.
The other two indices - DSE 30 and DSE Shariah Index climbed at highest point level of 1,899.31 points and 1,147.32 points from the inception, gaining 112.74 points and 46.00 points respectively during the week.
The port city bourse the Chittagong Stock Exchange (CSE) also saw steep gain last week with its Selective Categories Index - CSCX - soared 322.71 points or 3.68 per cent to close at 9,080.56 points.
The DSE achieved another milestone in turnover last week crossing the Tk 12.88-billion-mark after 14-months.
The week saw heavy trading on all five sessions. The week's total turnover amounted to Tk 45.98 billion, up from Tk 28.66 billion in the week before. So far, it was the highest single-week turnover recorded during the year 2014.
The daily turnover for the week averaged Tk 9.19 billion, registering an increase of 60.40 per cent over the previous week's average of Tk 5.73 billion.
The investors' attention was mostly focused on pharmaceuticals, engineering and power - the sectors that accounted for 17 per cent, 16 per cent and 14 per cent respectively of the week's total turnover.
The gradual increase in investors' confidence helped the market reach the new high--both in terms of turnover and index, said Akter H Sannamat, managing director of Union Capital, an investment bank.
"Sustaining positive trend across the market continued amid optimism among the investors," commented IDLC Investments, a merchant bank, in an analysis.
"The hope of grabbing positive return and reversal of last few years' dimmed market scenario kept market sentiment upbeat throughout the week," said the merchant bank.
With strong dominance of multinational companies, the bourse moved ahead further last week, riding particularly on positive sentiment from investors' end, it said.
International Leasing securities said: "The investors seemed to be optimistic about some particular sectors like, telecom, cement and engineering. Banking sector also showed some positive movement last week."
"This resistance breakout is sign of bullish market sentiment. Now investors would want to observe whether market stays above this level for few days so that they feel confident that the market will sustain above 4,850-level," said LankaBangla Securities.
Steep gain of the market coupled with record turnover was the main highlight for the week, said BRAC EPL, a stock brokerage.
Among the major sectors, telecommunication posted the highest gain of 7.56 per cent. It was followed by pharmaceuticals which advanced 3.63 per cent.
Banks and food and allied sectors advanced 3.16 per cent each. Fuel and power and NBFIs also registered decent gains with 1.89 per cent and 1.75 per cent gain.
Losers outpaced gainers as out of 310 issues traded, 150 declined, 140 advanced and 20 remained unchanged on DSE floor during the week.
Two listed companies-Matin Spinning Mills and Central Pharmaceuticals-made corporate declaration last week. Matin Spinning declared 25 per cent and Central Pharmaceuticals recommended 5 per cent cash and 15 per cent stock dividend.
The market capitalisation of the DSE went up sharply by 3.25 per cent as it was Tk 3,169.16 billion on the opening day of the week and it stood at Tk 3,272.19 billion at the fag end of the week.
MJL Bangladesh led the week's top turnover chart for the second week straight, with shares worth Tk 2.70 billion changing hands, followed by BSRM Steels, Beximco Pharma, Beximco and GP.
Summit Alliance Port Ltd was the week's top gainer, posting a rise of 25.67 per cent while FAR Chemical was the week's worst loser, slumping by 26.52 per cent.
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