Dhaka stocks rebound as bank shares surge

Staff Correspondent | Published: 22:33, Mar 14,2017

 
 

Dhaka stocks rebounded on Tuesday despite a fall in share prices of most of the traded scrips as investors went for buying bank shares ahead of their dividend declarations.
The key index of Dhaka Stock Exchange, DSEX, added 0.38 per cent, or 21.53 points, to finish at 5,681.25 points after declining by 16.54 points in the previous trading session.
Although the prices of most of the traded scrips remained on the decline as like the previous trading session, the market returned to the positive zone amid investors’ increased purchasing of large capitalised scrips, stockbrokers said.
Investors’ positioning on financial scrips especially those of bank shares ahead of their dividend and corporate disclosures helped the market to return to the positive zone, they said.
Although a number of banks have already made dividend announcements, most of the banks are yet to announce their corporate disclosures, they said.
Riding on investors’ optimistic purchasing, prices of 23 banks out of the traded 29 banks advanced on the day, while four declined and the rest two remained unchanged.
The average prices of bank shares increased by 1.41 per cent.
Apart from the banking sector, mutual fund and cement sectors also got investors’ increased attention during the session with an average 1.58 per cent and 1.35 per cent rise respectively.
On the other hand, a number of sectors including IT, general insurance and service and real estate declined as they faced an increased share selling pressure amid investors’ portfolio adjustment.
As a result, the average prices of IT, general insurance and service and real estate sectors fell by 1.04 per cent, 0.71 per cent and 0.71 per cent respectively.
Turnover at the bourse, however, fell to Tk 964.79 crore compared with that of Tk 1,001.33 crore in the previous trading session.
Out of the 326 companies and mutual funds traded, 140 advanced, 150 declined and 36 remained unchanged.
The blue-chip index of the bourse, DS30, inched up 0.01 per cent, or 0.26 points, to stand at 2,043.64 points.
The Shariah index, DSES, closed at 1,309.66 points, increasing by 0.18 per cent or 2.39 points.
IFIC Bank led the turnover chart with its shares worth Tk 31.32 crore changing hands.
LankaBangla Finance, Active Finance, Bangladesh Export Import Company, First Security Islami Bank, City Bank, Ratanpur Steel Re-Rolling Mills, National Bank, Al-Arafah Islami Bank and Far Chemical Industries were the others turnover leaders.
IFIC Bank was the day’s highest gainer, rising by 5.72 per cent, while IPDC Finance was the worst loser, shedding 22.01 per cent. 

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