Stocks perk up on banks
As trading of Dhaka stocks resumed yesterday after a four-day vacation, the market carried forward last week's momentum with the key index continuing a record-breaking rally.
The benchmark index of the premier bourse, DSE General Index, reached an all-time high at 4,424 points, after gaining 43.07 points, or 0.98 percent.
The bank stocks, whose price appreciation was enough to push the market up, advanced by 3.84 percent.
Experts said strong third-quarter earnings reported by the banks spurred investors to bet on the banking sector in the last few weeks.
“Profit and earnings per share of most banks, which have so far announced their third-quarterly financial reports to September 30, were better than in the previous quarters. The positive news has encouraged investors to put money in bank stocks,” said a market analyst.
He also said the banks will start declaring the yearly corporate results, including dividends, early next year and the investors look to more stronger performance by the banks by year-end.
Ten banks yesterday gained more than 5 percent. Dhaka Bank jumped 14.55 percent and Bank Asia 10.8 percent.
The non-bank financial institutions finished up, as the sector gained 3.52 percent with all the companies trading in the green.
The telecommunication sector, which comprises only Grameenphone, however fell by 1.5 percent after gaining for six consecutive sessions.
The broader DSE All Share Price Index increased 40.15 points, or 1.1 percent, to 3,672.56.
Advancers beat losers 126 to 105. A total of 2,81,77,418 shares and mutual fund units worth Tk 1,015.58 crore traded on the prime bourse.
AB Bank topped the turnover leaders with 2,84,370 shares worth Tk 31.48 crore being traded.
Peoples Leasing and Finance was the largest gainer that rose 16.6 percent, while Alpha Tobacco was the biggest loser declining 15.63 percent on the DSE.
Chittagong stocks also marked a rise yesterday. The CSE Selective Categories Index increased 87.04 points, or 1.05 percent to 8,327.98. The CSE All Share Price Index gained 146.72 points, or 1.14 percent to 12,915.23.
A total of 34,24,496 shares and mutual fund units worth Tk 73.15 crore changed hands on the port city bourse. Of the traded securities, 92 advanced, 62 declined and one remained unchanged.
Grameenphone topped the turnover leaders with 2,31,800 shares worth Tk 4.13 crore trading on Chittagong Stock Exchange.
Peoples Leasing and Finance, which advanced 16.56 percent, was the biggest gainer, while BD Com, which declined 17.57 percent, was the biggest loser.