Stock market finished the week with bull-run ahead of long vacation and weekend holidays, extending its rally for the fifth consecutive week.
The week that ended Thursday staged steep rise ahead of the six-day Eid-ul-Azha and four-day weekend holidays that began from Friday. The DSE will resume its trading from October 12.
Crossing 5,000-mark for the first time in the previous week, the benchmark index DSEX added 210 points or 4% to 5,237, its highest level since launching in the past week.
The comprising blue chips DS30 index rose 43 points or 2.3% to 1,993. The DSE Shariah Index closed at 1,219, rising 37 points or 3%.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, was up 136 points to close at 9,781.
However, the turnover slowed down somewhat hovering around Tk900 crore in the three sessions out of five. The average daily turnover stood at Tk960 crore, down 4.5% over the previous week’s Tk1,010 crore.
Of the total turnover, power and pharmaceuticals accounted for 20%, indicating that investors concentrated over these stocks.
Among the major sectors, only telecommunication and engineering closed in red, losing over 4% and 1% respectively.
Banks posted highest return of almost 7% and non-banking financial institutions 6.5%. Pharmaceuticals also rallied 5%, food and allied 4.4% and power 4%.
IDLC Investments said hope for further upswing and expectation of grabbing better return continued fuelling optimism across the market. Albeit, investors neutralised short term return, buying binge was strong. Fresh fund injection remained vigilant, it said.
Additionally, investors continued search for lucrative scrips intended market to remain volatile throughout the week, it said.
Government’s plan to raise fuel and gas price soon attracted investors towards Titas Gas, the state-owned lone natural gas distribution company, making the week’s top turnover leader with shares worth Tk390 crore changing hands.
It was followed by Delta Life Insurance, Square Pharmaceuticals, Familytex, Grameenphone and Mobil Jamuna Limited Bangladesh.
Popular Life Insurance was the biggest gainers posting a rise of more than 39 points, followed by Summit Alliance that rose 24%, Bank Asia 21%, Envoy Textiles 21%, Peoples Leasing 17% and Takaful Islami Insurance 16%.
Bangas, the week’s worst sufferer, plunged 23%. Other top losers included Padma Islami Life Insurance, Mozaffar Hossain Spinning Mills, Bangladesh Building Systems and Gemini Sea Food.