Stocks remain up for 4th session riding on bank shares

Staff Correspondent | Published: 21:27, Nov 09,2017

 
 

Dhaka stocks rose for the fourth trading session on Thursday, the last trading session of the week, mainly due to continuous rise in prices of bank shares.
The key index of Dhaka Stock Exchange, DSEX, finished at 6,193.56 points, adding 0.56 per cent or 34.49 points.
DSEX increased 121 points in just four trading sessions.
In line with last three trading sessions, the market increased notably on Thursday as investors continued with optimistic purchasing, stockbrokers said.
They said that investors’ optimism was mainly focused on banks shares ahead of year closing factor and specific bank-centric rumour.
City Bank and BRAC Bank were at the center of investors’ focus, they said.
City’s shares traded the most amid investors’ growing interest on the scrip following the inclusion of International Finance Corporation in the bank’s board, stockbrokers said.
IFC, a World Bank arm, recently bought five per cent stake in City Bank.
Besides, speculation based on a media report on a possible investment by one of the subsidiaries of Alibaba, one of the world’s renowned online marketplaces, in bKash, a subsidiary of BRAC Bank, lured investors on the scrip, they said.
BRAC Bank already made announcement that a ‘strategic investor’ might acquire a minor stake of Bkash without mentioning the investor, which allowed the spread of rumours.
Investors were in an expectation that the performance of the banks would improve once foreign companies took position in those companies, stockbrokers said.
Of the 30 banks, prices of 23 banks increased on the day against decline of 3 banks, while rest 4 scrips remained unchanged, resulting in an average 0.85 per cent increase in prices of banking shares.
Apart from the bank shares, pharmaceuticals and food sectors rose by 1.22 per cent and 0.67 per cent respectively on an average.
Of the 325 companies and mutual funds traded, 130 advanced, 140 declined and 55 remained unchanged.
Turnover on the bourse also increased to Tk 870.54 crore compared with that of Tk 765.60 crore in the previous trading session.
DS30, the blue-chip index, rose by 0.63 per cent or 14.21 points, to finish at 2,244.10 points.
The Shariah index, DSES, closed at 1,341.28 points, increasing 0.33 per cent or 4.43 points.
City Bank led the turnover chart on the day with its shares worth Tk 55.32 crore changing hands.
Dhaka Bank, LankaBangla Finance, BRAC Bank, Keya Cosmetics, Square Pharmaceuticals, Beximco Pharmaceuticals, IFAD Autos, EXIM Bank and IDLC Finance were other turnover leaders.
Reckitt Benckiser Bangladesh increased the most with a 6.24 per cent increased in its share prices, while Quasem Drycells was the worst sufferer of the day, shedding 12.35 per cent.

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