Bank shares dominate turnover

Dhaka,  Wed,  16 August 2017
Published : 14 Mar 2017, 21:18:40
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Bank shares dominate turnover

FE Report


Stocks returned to higher Tuesday, snapping a single-session mild correction, largely supported by banks.

Analysts said the banking issues kept the market afloat as the sector posted the highest gain of 1.40 per cent with 23 banks closed green, out of 30 listed banks.

"The upbeat trend of the market was triggered by healthy gain in banks as investors are expecting better dividend as most of the banks are yet to declare dividend," said an analyst at a leading brokerage firm.

He noted that media reports that most of commercial banks listed on the stockmarket saw hefty net profits in 2016, also encouraged the investors to buy the bank issues.

Following the news, the investors were active on bank issues throughout the session while the day's turnover and gainer chart were dominated by banks.

IFIC Bank, First Security Islami Bank and City Bank were top three turnover generators, contributing 11.3 per cent, 9.0 per cent and 8.5 per cent of the sector's total turnover, respectively.

At the same time, IFIC Bank, Jamuna Bank and NCC Bank were top three gainers within the bank sector, gaining 5.72 per cent, 5.2 per cent and 4.8 per cent, respectively.

"However, this enthusiasm was not vivid among all the market participants as reflected in the downturn in daily turnover," he added.

Trading activities came down to Tk 9.65 billion, which was 3.50 per cent lower than the previous day's Tk 10 billion.

The market started with an upward trend and the positive trend continued till end of the session amid periodic small downswings, ultimately ended 21.53 points higher.

DSEX, the prime index of the Dhaka Stock Exchange (DSE) went up by 21.53 points or 0.38 per cent to settle at 5,681.25 points, after losing about 16.54 points in the previous session.

"The market rebounded, riding on advancement in bank sector," said IDLC Investments, a merchant bank, in its regular market analysis.  

The port city bourse, the Chittagong Stock Exchange (CSE), also finished higher with its Selective Categories Index - CSCX - advancing 37.83 points to settle at 10,677.

Losers beat gainers as 117 issues closed lower, 114 closed higher and 21 remained unchanged on the CSE.

The port city bourse traded 28.43 million shares and mutual fund units' worth Tk 671 million in turnover.

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