Islami Bank tops DSE turnover chart

Islami Bank Bangladesh dominated the weekly turnover chart of the Dhaka Stock Exchange (DSE) this week, with three other banks also making the top turnover list, as investors actively traded banking stocks.

The three other banks are BRAC Bank, Social Islami Bank and First Security Islami Bank.

Investors are optimistic about the return of good governance in the financial 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 one-third of the weekly turnover on the DSE, while the banking sector accounted for 29 per cent of the total turnover. The total turnover of the week stood at Tk 21.31 billion.

Islami Bank was the most traded stock with shares worth Tk 1.16 billion changing hands. The Shariah-based lender's stock price, however, dropped 4.5 per cent during the week to close at Tk 61.5 on Thursday, after a sharp gain in the past few weeks.

Islami Bank's stock price began to rise following the ouster of the then prime minister Sheikh Hasina on August 5, as investors showed increased interest in the stock after the bank was freed from S Alam Group's control on August 22.

Grameenphone, the largest stock in terms of market-cap, came second in the turnover chart, with shares worth Tk 1.08 billion changing hands this week.

The leading telecom operator's share closed at Tk 337.9 on Thursday, shedding 3.3 per cent over the week before.

BRAC Bank clinched the third spot, with shares worth Tk 851 million changing hands. The lender's stock closed at Tk 54.6, losing 0.91 per cent.

Social Islami Bank emerged as the fourth, with shares worth Tk 795 million changing hands. The bank's stock price shed 6.15 per cent to close at Tk 12.2 on Thursday.

MJL Bangladesh notched the fifth spot, with shares worth Tk 700 million changing hands. The company's stock closed at Tk 87.9, losing over 11 per cent over the week before.

The turnover of IBN Sina was Tk 685 million. The drug maker's stock shed 9.23 per cent to close at Tk 329.4 on Thursday despite the company declaring a record 63 per cent cash dividend during the week.

First Security Islami Bank featured a turnover of Tk 655 million. The bank's share closed at Tk 8.2, soaring 6.5 per cent.

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