Stocks break 3-day losing streak riding on banks

Dhaka,  Sun,  24 September 2017
Published : 21 Aug 2017, 21:19:48

Stocks break 3-day losing streak riding on banks

Block trade contributes Tk 352 million
FE Report

Stocks registered a moderate gain Monday, snapping a three-day losing streak, as optimistic investors took position on sector-wise issues ahead of Eid festival.

Brokers said a section of investors took position on issues from banks, financial institutions and telecommunication sectors while some were busy with pre-Eid sale on food & allied, fuel & power and pharmaceuticals stocks, taking the market in the green territory.  

"The market revamped with broad index DSEX gaining 24.8 points and settling at 5,844 points," commented IDLC Investments, in its regular market analysis.

The merchant bank noted that major contribution came from bank sector as it seized 21 per cent turnover of day's trade value. The sector also posted the highest return of the session gaining 1.8 per cent.

After facing correction in the past three trading days, the banking sector posted 1.80 per cent gain on the day as 27 banks closed green, out of 30, led by Pubali Bank, Bank Asia and AB Bank.

Following the previous three days' correction, the market opened with a positive note which continued till end of the session amid modest volatility, finally ended nearly 25 points higher.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,844 points, advancing 24.83 points or 0.42 per cent after shedding 102 points in the past three consecutive sessions.

The DSE Shariah Index (DSES) also advanced 1.28 points or 0.09 per cent to close at 1,302. However, the DS30 index, comprising the blue-chips, fell 0.92 points or 0.04 per cent to finish at 2,098.

Turnover, the crucial indicator of the market, stood at Tk 7.58 billion, which was 1.30 per cent lower than the previous day's turnover of Tk 7.68 billion.

Block trade contributed Tk 352 million to the day's total turnover where stocks like Brac Bank, IDLC Finance, Familytex, Square Pharma and IFAD Autos dominated the block trade board.

EBL Securities, a stockbroker, said, "The market regained momentum amid impulsiveness as investors buying spree to take fresh positions amid optimism".

The merchant bank noted that index soared riding on sector specific stocks specially form bank, engineering and financial institutions sectors.

A total number of 0.128 million trades were executed in the day's trading session with trading volume of 232.57 million securities.

The total market capitalisation of the DSE also rose to Tk 3,955 billion, which was Tk 3,952 billion in the previous session.

The port city bourse, the Chittagong Stock Exchange (CSE), also closed higher after three sessions with its Selective Categories Index - CSCX - advancing 50 points to settle at 10,978.

Gainers beat losers as 130 issues closed higher, 97 closed lower and 26 remained unchanged on the CSE.

The port city bourse traded 18.33 million shares and mutual fund units' worth Tk 469 million in turnover.
Editor : A.H.M Moazzem Hossain
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