Investors' buying spree pushed the stock market to another record high on Sunday.
DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), rose by 27.0 points or 0.37% and stood at 7,356 points at the end of the Sunday trading session.
The day's closing mark is the highest ever since the index was launched in 2013. DGEN, the float-unadjusted predecessor of DSEX, shot up to 9,000 points in the 2010 peak.
EBL Securities wrote in its daily market commentary on Sunday afternoon, "Investors were active on both sides of the trading fence, but optimism lead buoyancy took control over the bourse as the bargain hunter investors expected that the index will be vibrant ahead due to the favorable year-end earning call and satisfactory dividend for FY2021."
Moreover, the recent uptick hike of 8.42% in private sector credit growth and increase of overseas trading exerted that the economy is gaining momentum, as a result, the majority of the investor are expecting a positive impact on the macro-economy as against the Covid-hit fiscal year 2020-21, EBL Securities added.
Global rating agency Fitch revised its growth projection for the Bangladesh economy to 6.3% from 5.5% for the current fiscal year. Fitch projections are well below that by the International Monetary Fund and the Asian Development Bank, but higher than that by the World Bank in June.
The turnover at the DSE, however, slightly fell by 2.52% to Tk2,339 crore on Sunday.
Most sectors observed satisfactory performance, out of which the paper and printing sector gained by 5.4%, tannery and footwear gained 3.2% and food gained 2.1%.
General insurance suffered the biggest correction losing 3.6% of their total market capitalisation. Some announcement of sponsor-directors' share sale might have worked against investors' confidence in the non-life insurance stocks.
Travel and leisure and jute sectors followed the general insurance to lose 1.4% and 0.6% market capitalisation respectively on Sunday.
Out of the 376 issues traded in the DSE, 109 advanced, 216 declined, and 51 remained unchanged.
Mainly blue-chip stocks helped the market afloat as DS 30 gained by 1.15% on Sunday.
The Chittagong Stock Exchange also ended the session in green as the broad index CSCX increased by 81 points to 12,917.
The port city bourse registered Tk79 crore in daily turnover, which was Tk123 on Thursday.