BRAC Bank tops weekly turnover chart

BRAC Bank dominated the weekly turnover chart of Dhaka Stock Exchange (DSE) this week, with three banks making the top turnover list as buoyant investors poured fresh funds into banking stocks amid renewed optimism.

The resilient banking sector has somewhat helped stabilise the struggling market this week, driven by investors' buying interest in specific bank stocks amid ongoing reforms in the sector, market experts said.

Investors are optimistic about the return of good governance in the banking sector following the political changeover, as the interim government is expected to bring about some structural changes, said a leading stockbroker.

This week, the ten most-traded firms accounted for 30 per cent of the weekly turnover on the DSE.

The total turnover of the week stood at Tk 33.96 billion while the banking sector accounted for more than Tk 10 billion to the weekly turnover.

The banking sector also gained 3.8 per cent this week, riding on Islami Bank, which gained 30.4 per cent alone.

BRAC Bank was the most traded stock with shares worth Tk 2.42 billion changing hands. Its stock price also gained 0.9 per cent during the week to Tk 55 on Thursday.

Higher profit growth in January-June this year coupled with strong financial strength attracted investors to BRAC Bank shares.

Grameenphone, the largest stock in terms of market-cap, came second in the turnover chart, with shares worth Tk 1.94 billion changing hands this week.

The leading telecom operator's share closed at Tk 349.4 on Thursday, gaining 0.6 per cent over the week before.

Islami Bank Bangladesh clinched the third spot, with shares worth Tk 1.56 billion changing hands. The Shariah-based lender's stock closed at Tk 64.4, soaring 30.4 per cent, becoming the top weekly gainer.

Sonali Aansh Industries emerged as the fourth, with shares worth Tk 1.09 billion changing hands. The company's stock price shed 3 per cent to close at Tk 323.6 on Thursday.

Social Islami Bank notched the fifth spot, with shares worth Tk 1.04 billion changing hands. The bank's stock closed at Tk 13, soaring 13 per cent over the week before.

The turnover of IBN Sina was Tk 915 million. The drug maker's stock rose 3.6 per cent to close at Tk 362.9 on Thursday.

Linde Bangladesh featured a turnover of Tk 845 million. The multinational company's share closed at Tk 1333.2, soaring 26 per cent.

The turnover of Lovello Ice-cream was Tk 720 million. The company's stock closed at Tk82.8, gaining 2.5 per cent over the week before.

Agni Systems featured a turnover of Tk 655 million. The IT Company's stock closed at Tk 33.5, losing 2.05 per cent.

Square Pharmaceuticals also made its way to the week's top turnover chart, with shares worth Tk 465 million changing hands. The drug maker's stock gained 0.3 per cent to close at Tk 229.6 on Thursday.

[email protected]