Stocks rebound riding on bank issues

FE Report | Monday, 21 January 2019

Stocks rebounded on Sunday, after two-session break, as investors showed their buying appetite on December-closing issues.
Market analysts said investors were active, particularly on banking, financial institutions and telecommunication sectors' issues amid dividend expectation.
Investors are shifting their focus on the December-ending companies' stocks from other sectors as they will declare dividend soon, helping the market to close higher, said a leading broker.
Accordingly, banking sector was the day's highest gainer, posting a gain of 2.93 per cent, with 29 banks out of 30, closed green.
Telecommunication and financial institutions sectors also gained 2.75 per cent and 1.67 per cent respectively.
The investors were active from the beginning of the session and the upward trend continued till end of the session with no sign of reversal.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 61.70 points or 1.05 per cent to settle at 5,887 after losing 38 points in the past two sessions.
The two other indices also ended higher. The DS30 index, comprising blue chips, advanced 20.41 points to finish at 2,029 and the DSES (Shariah) index rose 9.06 points to settle at 1,318.
IDLC Securities said the market indices rose riding on banking, telecommunication and textile sectors and top three positive index contributors were Grameenphone, Brac Bank and Pubali Bank.
Turnover, another important indicator of the market, stood at Tk 9.68 billion, which was 4.25 per cent lower than the previous day's turnover of Tk 10.11 billion.
A total number of 213,118 trades were executed in the day's trading session with trading volume of 297.35 million shares and mutual fund units.
The market-cap of the DSE increased to Tk 4,162 billion which was Tk 4,121 billion in the previous day.
According to International Leasing Securities, the active presence of the bargain hunters on bank, telecom, financial institutions and mutual fund sectors' issues, taking indices to green territory.
The stockbroker, however, said, some investors reshuffled their holdings from engineering, general insurance, life insurance, pharma and food sectors' stocks.
The port city bourse Chittagong Stock Exchange also ended higher with the CSE All Share Price Index - CASPI - soaring 207 points to settle at 18,065 while the Selective Categories Index - CSCX -rising 127 points to finish at 10,918.
Here too, the gainers beat the losers as 162 issues ended higher, 104 lower and 17 remained unchanged.
The port city bourse traded 23.22 million shares and mutual fund units worth more than Tk 515 million in turnover.

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