Banks perking up stocks | The Daily Star
12:00 AM, April 20, 2018 / LAST MODIFIED: 12:00 AM, April 20, 2018

Banks perking up stocks

Shares on the Dhaka Stock Exchange rose for the second consecutive day yesterday riding on banking securities.

The banking sector accounted for 23.40 percent of the turnover yesterday; its contribution was more than 22 percent on Wednesday.

The DSEX, the benchmark index of the premier bourse, rose 20.47 points, or 0.35 percent, to close at 5,843.46.

“The premier bourse closed positive riding on some positive news like a possible cut in corporate tax in the next budget,” said EBL Securities in its daily market review.

The review said earnings declarations from several companies also met investors' expectations, prompting them to buy fresh stocks to rebalance their portfolios.

Turnover jumped 2.85 percent to Tk 577.46 crore, with 15.62 crore shares and mutual fund units changing hands.

Of the traded issues, 110 advanced, 181 declined and 45 closed unchanged.

Beximco dominated the turnover chart for the 11th consecutive day with its 2.16 crore shares valued Tk 68.80 crore being traded, followed by Al-Arafah Islami Bank, Brac Bank, United Power Generation, and Square Pharmaceuticals.

Among the major sectors, banks rose 0.84 percent and pharmaceuticals 0.42 percent.

Conversely, life insurance and financial institutions declined 2.05 percent and 0.31 percent respectively.

Al-Arafah Islami Bank was the day's best performer with 7.45 percent gains followed by Sonali Aansh, Phoenix Insurance, and Hwa Well Textiles.

Popular Life Insurance was the worst loser, shedding 6.70 percent followed by Asia Pacific General Insurance, Continental Insurance, and Prime Finance First Mutual Fund.

Chittagong stocks also rose with the bourse's benchmark index, CSCX, advancing 23.63 points, or 0.21 percent, to finish at 10,885.11.

Losers beat gainers as 74 advanced and 120 declined, while 34 securities ended unchanged on the Chittagong Stock Exchange.

The port city bourse traded 89.96 lakh shares and mutual fund units worth Tk 42.62 crore.

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