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All listed banks bleed

FE Report | November 25, 2021 00:00:00

All listed banks on Wednesday lost prices and the sector saw the highest loss in market return following investors' selling pressure.

Following the price correction, the market capitalisation of the banking sector declined 2.5 per cent on Dhaka Stock Exchange (DSE).

The sector, however, saw the highest participation from investors as they exerted selling pressure.

Following investors' increased participation, the sector solely contributed 34.70 per cent in total market turnover.

The banking issues posted an aggregate amount of turnover worth Tk 3.92 billion on the premier bourse DSE.

On Wednesday, all listed 32 banks lost prices ranging between 0.73 per cent and 4.95 per cent.

Of the banks, IFIC was also in the chart of top 10 losers after declining 4.95 per cent to close at Tk 19.20 each.

The managing director of IDLC Investments Md. Moniruzzaman said the fundamentals of the banks which earlier saw price hike are strong.

"It may be a reason behind the corrections observed in share prices of listed banks. The news regarding the record high non-performing loans has also frustrated investors," Mr. Moniruzzaman said.

The DSE broad index DSEX declined sharply on Wednesday mainly because of price correction witnessed by listed banks.

The DSEX declined 1.35 per cent or 95.08 points and closed at 6917.91.

Of the banks, the share price of Social Islami Bank declined 4.29 per cent followed by Premier Bank 4.24 per cent, NCC Bank 4.19 per cent, Mercantile Bank 4.16 per cent, Exim Bank 3.63 per cent, Dhaka Bank 3.22 per cent and South Bangla Agriculture & Commerce Bank 3.09 per cent.

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