Rally in banking stocks drives DSE index to 16-month high

Dhaka, Feb. 11 — A rally in shares of banks saw the benchmark index of DSEX (Broad-based index of Dhaka Stock Exchange) hit a 16-month high, surpassing the 6,400 points mark on Sunday.

The total turnover on Sunday increased to more than Tk1852 crore.

This surge was primarily fuelled by the strong performance of bank stocks, despite prevailing selling pressure in other sectors. Out of 35 listed banks, prices of 34 banks’ stock advanced.

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At the end of the day, the DSEX registered a gain of 73 points, settling at 6,447, while the blue-chip index DS30 saw a surge of 21 points, closing at 2,159.

Earlier, on 16 October 2022, the DSEX was over 6,400 points.

At the Dhaka bourse, 196 scrips declined, 165 advanced, and 33 remained unchanged.

Market insiders said during the session investors displayed heightened activity in purchasing bank shares, which had long been restricted by the floor price.

Potential investors, who invested in the capital market for the long term by investing in fundamental stocks are back in the market.

The shares of Fortune Shows contributed the most to the turnover. The shares of the company have been traded for Tk 65.05 crore. Shares of Orion Pharma in the second place were traded at Tk 64.49 crore. Orion Infusion is in third place with a share transaction of Tk 63.48 crore.

Besides, the list of top 10 companies in terms of transactions on DSE includes IFIC Bank, Intraco Refueling Station, ITC, Global Islami Bank, Bangladesh Shipping Corporation, Malek Spinning and Central Pharmaceuticals.

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Meanwhile the Chittagong Stock Exchange (CSE) overall value CASPI increased by 309 points. Out of 294 firms participating in the market, 128 rose in price. On the contrary, the prices of 146 have decreased and the prices of 20 have remained unchanged. The transaction was Tk23.80 crore on Sunday.

Published by HT Digital Content Services with permission from United News of Bangladesh.

Provided by SyndiGate Media Inc. (Syndigate.info).