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Stocks extended their rally for the fourth day on Thursday, with the key index crossing the 5200-mark again, as investors put fresh bets on lucrative blue chip shares in anticipation of quick gains.
Confident investors began picking some of their preferred stocks because they considered them cheaper now. Many fundamentally strong stocks became cheap after sharp corrections, increasing investors’ appetite for buying those stocks, market insiders said.
Among the multinational stocks, Linde Bangladesh saw the highest gain of 43 per cent to close at Tk 1,409.4 on Thursday as the company declared a record 1540 per cent interim cash dividend for 10 months through October last year.
Other multinational companies, such as Reckitt Benckiser, Unilever, Bata Shoe and Marico, also saw price appreciation.
Moreover, rumours that the government would retreat from the proposed capital gain tax encouraged a section of investors to inject money into stocks.
The indices stayed upbeat throughout the session, with opportunistic investors taking positions in lucrative stocks.
The benchmark index of the Dhaka Stock Exchange (DSE) finally went up more than 82 points or 1.60 per cent to settle at 5,244.
The DSEX recovered all the 169 points in the past four trading days which the market had lost in post-budget three sessions in a row.
The DS30 index, a group of 30 prominent companies, gained more than 31 points to 1,875, while the DSES index, which represents Shariah-based companies, jumped 25 points to 1,146.
A majority of the stocks saw price surge, as out of the 393 issues traded, 288 closed higher, 55 ended lower and 50 remained unchanged on the DSE trading floor.
Asiatic Laboratories became the most-traded stock, with shares worth Tk 146 million changing hands, closely followed by Linde Bangladesh, Sea Pearl Beach Hatchery, and Rupali Life Insurance.
The Chittagong Stock Exchange (CSE) also ended sharply higher, with its All Share Price Index (CASPI) soaring 178 points to 14,786 and the Selective Categories Index (CSCX) rising 113 points to 8,899.