Dhaka shares end high on banking, MF issues

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FE Report
Dhaka stocks ended Thursday, riding high on banking and mutual fund (MF) issues.
The market opened the day with bullish sentiment as the benchmark DSE General Index (DGEN) rose 137 points within first hour.
But two-thirds of the market's early gains were wiped out as investors started to book profits from mid session on financial institutions, cement and pharmaceuticals issues.
At the end of the day, the DGEN gained 0.56 per cent or 48.17 points to close at a new high of 8721.08.
In the last three sessions, the DSE General Index (DGEN) rose 200 points.
The broader All Shares Price Index (DSI) moved up by 0.50 per cent or 36.11 points to 7236.42. The DSE-20 Index comprising blue chips rose 0.57 per cent or 29.51 points to 5155.62.
"Rally in banking and mutual funds has taken the market to a new high," said a dealer.
Banking issues, which make up more than one-third of the market cap, continued to flex their muscle and climbed 1.62 per cent.
However, state-controlled Rupali Bank lost 4.53 per cent after the government announced that it would further offload 24.55 per cent stake in the stock market.
Mutual funds industry was among the rising sectors. It soared 4.83 per cent on the day as out of 30 issues in the sector, 29 gained and only one-Ist ICB Mutual Fund fell.
Grameenphone, the lone listed company in the telecom sector, soared 0.17 per cent, breaking its losing streak over the several sessions.
Turnover increased by 6.6 per cent to Tk 28.70 billion. Losers outshined the gainers as out of 228 issues traded, 112 gained and 116 lost.
Southeast Bank topped the turnover list with shares worth Tk 1.25 billion changing hands.