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Stocks rebound riding on bank shares

FE Online Report | Published: May 16, 2019 15:41:23 | Updated: May 20, 2019 11:11:03


Stocks rebounded on Thursday, snapping a four-day losing streak, as optimistic investors showed their buying shares, particularly on financial shares.

Market analysts said investors took position on banking issues, following the news that most of the banks’ earnings per share rose in January-March, 2019 quarter.

The market opened on positive note and the upward trend continued until end of the session with modest volatility.

At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,230 points, advancing 34.75 points or 0.66 per cent after losing 79 points in the past four straight sessions.

Two other induces also ended marginally higher. The DS30 index, comprising blue chips, advanced 5.38 points to finish at 1,818 and the DSE Shariah Index rose 3.34 points to close at 1,197.

The gainers took a strong lead over the losers as out of 339 issues traded, 199 advanced, 89 declined and 51 issues remained unchanged on the DSE trading floor.

A total number of 72,914 trades were executed in the day’s trading session with trading volume of 107.72 million securities.

The market capitalisation of the DSE also rose to Tk 3,848 billion on Thursday, from Tk 3,835 billion in the previous session.

Brac Bank topped the turnover chart for the second straight session with 6.11 million shares worth nearly Tk 345 million changing hands.

The other turnover leaders were Fortune Shoes, IFIC Bank, Power Grid Company of Bangladesh and Beacon Pharmaceuticals.

Trust Bank was the day’s best performer, posting a gain of 9.85 per cent while Jamuna Bank was as the worst loser, losing 6.84 per cent.

The port city bourse, Chittagong Stock Exchange, also ended higher with its CSE All Share Price Index – CASPI –advancing 89 points to settle at 16,001 points and the Selective Categories Index - CSCX –gaining 54 points to finish at 9,687.

Here too, the gainers beat losers, as 116 issues closed higher, 64 ended lower and 32 remained unchanged on the CSE.

The port city bourse traded 6.53 million shares and mutual fund units worth nearly Tk 130 million in turnover.

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