Strong Bank stocks propel DSEX to hit 16-month high

The benchmark index DSEX at the Dhaka Stock Exchange hit 16-month high on Sunday, surpassing 6,400 points propelled by strong performance of bank stocks amid a selling spree in other sectors. 

At the end of the session, the DSEX registered a gain of 73 points, settling at 6,447, while the blue-chip DS30 rose 21 points to close at 2,159.

Earlier on 16 October 2022, the DSEX crossed the 6,400 points mark. 

The daily turnover at the premier bourse stood at Tk1,852 crore during the session.

196 scrips declined, 165 advanced, and 33 remained unchanged.

During the session, market insiders said, investors displayed heightened interest for purchasing bank shares after the lifting of the floor price. 

It means that potential investors, who tend to invest in fundamental stocks for a long term, are back in the market, they added.

"The market remained upbeat throughout the session, mainly riding on investors' continued interest in the giant bank sector owing to positive expectations from the upcoming year-end declarations," EBL Securities said in its daily market commentary. 

Investors reaped the highest return of 4.3% from the banking stocks with 34 out of the 35 advancing and only one declining.

SBAC, Social Islami Bank, National bank, ICB Islamic Bank and AB Bank spearheaded the banking sector's upward momentum during the Sunday's market session.

However, pharmaceutical sector registered the highest turnover on the day, followed by bank and engineering sectors.

Meanwhile, the port city bourse, Chittagong Stock Exchange, also settled on green terrain. 

The selected indices (CSCX) advanced by 186 points to 11,138 and all-share price index (CASPI) surged by 309.3 points to reach 18,605.