Dhaka stocks inch up as banking sector leads revival

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Dhaka stocks inched up Tuesday, led by banking sector shares after a sharp fall on the previous day, with a significant increase in the turnover.

Trading on the Dhaka Stock Exchange (DSE), however, went into the red after just 20 minutes of start and lasted one hour due to profit taking.

Later, it started to go up as the investors ran after banking sector and some insurance sector stocks towards the close of trade.

The market barometers -- DSE General Index and All Shares Price Index (DSI)--gained slightly by 6.39 per cent and 5.26 per cent to close at 3125.42 and 2652.66 respectively. On other hand, the DSE- 20 (DS20), comprising blue chips, slightly slid 0.36 per cent to finish at 2568.77.

Share prices of all the leasing companies that saw an abnormal rise in the last several weeks fell on the day on a rumour that the securities regulator concerned might take harsh measures to stifle the unusual rise, market sources said.

Some insurance sector issues dropped on profit taking but mostly gained on the day.

The market, dominated by both losers and gainers, was slightly up on the day as investors chased the banking sector and some insurance sector stocks to book profit in days to come, according to the market operators.

A capital market analyst said, the market sentiment was positive on the day as the investors turned to banking shares after booking profit on the day.

'But insurance sector issues' gaining trend is a matter of concern,' he added.