The stock market extended winning streak for fourth running sessions Sunday with turnover hitting a new 2-month high value on the premier bourse, riding on heavyweight banking stocks.
The prime index of the Dhaka Stock Exchange (DSE) --- DSEX, shot up 55.71 points or 1.18 per cent to close at 4,758.37 points. It is the highest level of DSEX since its inception on January 27, 2013 and DSEX gained aggregate 702 points in the last one year since its inception. The base point of DSEX was 4,055.90.
The other two indices also maintained their upward trend. The DS30 index, comprising blue chips advanced 8.71 points or 0.52 per cent to close the session at 1,672.81 points. DSE Shariah Index (DSES) went up by 10.69 points or 1.09 per cent to close at 987.03 points.
Daily turnover on the DSE stood at Tk 8.59 billion, registering 3.05 per cent increase over the previous session's value of Tk 8.34 billion. It was also the highest turnover since Tk 8.89 billion on November 20, 2013.
Banks - the largest capilatisation sector --- was main driver behind such steep gain in the benchmark index. Bank was upbeat with 3.14 per cent gain as its dividend declaration season approached.
"On the opening of week, market sentiment reloaded alacrity hitting the turnover at new high level of Tk 8.59 billion," said LankaBangla Securities, in its daily market analysis.
"On the day before the announcement of monetary stance for H2 FY 2014, though specialists are eyeing near term slowdown in economic growth indicators, investors remained buoyant over a simulative measures for private sector for escalating economic activities," observed the stock broker.
"Replicating previous few sessions' pattern, market rose sharply in first few minutes and sustained at that point for the rest of the day. In day's market, stocks with high dividend yield attracted investors," said IDLC Investments.
"Bank was upbeat with 3.14 per cent gain as its dividend declaration season approached. Non Life Insurance gained 2.07 per cent, offering good investment opportunities was bullish as well," said the merchant bank.
"The Bull Run continued as the market opened the week with a further boost in indices and turnover. Like in the past few sessions, the benchmark index DSEX gained 1.18 per cent continued to set new highs since its launch on January 27, 2013," said BRAC EPL, a stock broker.
Gainers outpaced losers as out of 294 issues traded on the DSE floor, 161 gained, 114 declined and 19 remained unchanged.
Bank showed the highest return with market capitalization up by 3.1 per cent. Besides banking stocks, cement, insurance and telecom stocks were up by around 1.7 per cent, 2.0 per cent and 1.4 per cent respectively.
In the meantime, NBFI faced correction with 0.79 per cent loss, as a few investors booked profit from the sector.
Activities increased in the major bourse (DSE) where volume and trade were up by 6.43 per cent and 0.89 per cent respectively. A total of 0.167 million trades were executed with 213.92 million shares and mutual fund units were trading volume.
The market capitalization of the DSE stood at Tk 2,880.22 billion against Tk 2,859.60 billion in the previous session.
Square Pharma dominated the top turnover chart with shares worth Tk 365.42 million changing hands followed by Olympic Industries, Padma Oil, Orion Pharma and Meghna Petroleum.
Meanwhile, the DSE board has approved the sector change of Olympic Industries from 'Engineering' to 'Food and Allied' with effect from January 28, 2014.
The Chittagong Stock Exchange (CSE) also closed higher, with its Selective Categories Index - CSCX gained 125.68 points to close at 9,359.82 points.
Gainers beat losers 124 to 106, with 6 issues remaining unchanged at the port city bourse that traded 22.93 million shares and mutual fund units, turnover value of Tk 748.02 million.
