DSE rebounds on banks, energy

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FE Report
Dhaka stocks bounced back on Sunday as the benchmark index soared to the second highest mark ever, driven by banking, energy and general insurers.
The benchmark DSE General Index (DGEN) climbed 78.53 points or 1.36 per cent to close at 5825.88 - just 13 points off the record 5838.28 set on February 17.
The broader All Shares Price Index (DSI) ended at 4,798, up by 69.23 points or 1.46 per cent. The DSE 20 index comprising the blue chip shares gained 52.70 points or 1.66 per cent to 3217.13.
The market was down by more than one per cent on Thursday after investors booked their profits following two days or record-breaking bull runs that saw the DGEN gaining nearly five per cent.
"Rally in the banking and power stocks pushed up the market," said RY Shamsher, managing director at AB Investment Bank.
Banking shares, which make up one-fourth of the bourse's market capitalisation, were back in the fashion rising 3.67 per cent, recovering from the previous day's decline of 3.48 per cent.
"Investors bought banking shares in droves as the securities regulator's decision to convert high-valued issues into 10 taka shares made them hugely attractive," he said.
Al-Arafah Islami Bank was the biggest gainer among the banks, rising 14.76 per cent, followed by Pubali Bank 12.35 per cent. Eight banks gained more than five per cent.
Power stocks also dominated the day, with the investors snapping up these stocks thanks to their lower than average PE ratios, Shamsher added.
Energy sector soared 3.21 per cent, their best show in months, as the market sent strong approval to the government's unveiling of ambitious power generation target on Thursday.
In a press briefing, the prime minister's energy advisor said the country would add more than 9,426 megawatt electricity in the next five years to say good bye to the nagging power crisis.
Titas Gas was the largest gainer with 4.81 per cent increase, followed by Jamuna Oil 6.79 per cent and Padma Oil 8.15 percent.
Nine general insurance companies advanced more than five per cent to push up the sector by 3.02 per cent. But life insurers lost 0.81 per cent on profit-taking.