Stocks rebound riding on banking Scrips

FE Report | Tuesday, 19 December 2017

Stocks returned to green Monday as some optimistic investors took position on heavyweight banking sector shares ahead of year-closing.
Brokers said the market returned to the positive territory, though most of the traded issues closed lower, riding on bank and telecommunication stocks.
Share price of 24 banks, out of 30 ticked higher.
Shahjalal Islami Bank and Standard Bank featured on the day's top gainer chart, gaining 4.33 per cent and 3.22 per cent respectively.
On the other hand, Grameenphone, the largest market cap listed company's share price also advanced 0.24 per cent to close at Tk 468.10 each.
"Price appreciation of large-cap banking sector issues and the largest market cap GP's shares spurred the index to nudge higher," said an analyst at a leading brokerage firm.
The market started on upbeat note and gained 26 points within the first hour of trade, which gradually fell during the next hour and remained sideways for rest of the session.
Finally it ended more than 11 points higher.

DSEX, the core index of the Dhaka Stock Exchange (DSE), settled at 6,224, advancing 11.52 points or 0.18 per cent over the previous session.
"The market ended on positive zone mainly on the back of heavyweight banking sector issues," commented AT Capital Partners, an asset management company, in its regular market analysis.
The two other indices also edged higher. The DS30 index, comprising blue chips advanced 5.25 points or 0.23 per cent to close at 2,244. The DSE Shariah Index (DSES) also saw a fractional gain of 0.33 point or 0.02 per cent to finish at 1,373.
International Leasing Securities, said, "The buying interest galvanized the sector specific issues, especially on banking, textile, food & allied sectors amidst sanguinity while the shaky investors booked profit on service, general insurance, cement, and ceramic sectors".
The stockbroker noted that the gainers and losers charts were mostly comprised of small cap stocks.
Turnover stood at Tk 4.55 billion, which was nearly 35 per cent higher than the previous day's seven months' lowest turnover of Tk 3.38 billion.
The banking sector kept its dominance over the transaction chart, grabbing 26 per cent of the day's total turnover, with four banks among top 10 turnover chart. It was followed by textile with 13 per cent and engineering 12 per cent.
The large-cap sectors showed mixed performances. The banking sector posted the highest gain of 1.0 per cent, followed by food & allied with 0.66 per cent, telecommunication 0.24 per cent and engineering 0.11 per cent.
The non-bank financial institutions witnessed the highest correction of 0.29 per cent, followed by power 0.23 per cent and pharmaceuticals 0.11 per cent.
Losers took a strong lead over the gainers as out of 331 issues traded, 178 closed lower, 99 closed higher and 54 remained unchanged on the DSE trading floor.
Grameenphone topped the day's turnover chart with 606,454 shares of Tk 284 million changing hands, closely followed by Alif Manufacturing Company, Shahjalal Islami Bank, Square Pharmaceuticals and National Tubes.
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