DSEX sets new record on soaring bank sector
DSE’s benchmark index rose 0.29% to reach 6,424 points on Sunday
Despite a selling pressure in the post-Eid session amid lockdown worries, the benchmark index DSEX of the Dhaka Stock Exchange (DSE) has set a new record with the help of the soaring bank sector.
On Sunday, DSEX rose 0.29% to reach 6,424 points, where blue-chip index DS30 increased 0.60% to close at 2,336 points.
Earlier, the DSEX's highest position since its launching in 2014 was 6,338 points on 26 November 2017.
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On Sunday's trading session, investors showed more interest in bank, food, and cement stocks in the hope of good prospects amid the coronavirus worries.
However, the Bangladesh Bank has accused several organisations of illegally investing money they had taken from the government stimulus packages in the capital market.
The central bank believes these illegal activities have driven the bullish trend of the capital market.
Besides, so far six banks have declared earning disclosers of the first half of this year. They reported surprising growth in profit, according to their unaudited financial statements.
Bankers see mainly four reasons – stable interest rate, bullish capital market, investing in bonds, and lesser provisions due to the closure of loan classification – behind the surprising growth.
Riding on the earnings optimism, investors got a 3.5% return from the cement sector, 3.3% from the ceramic, 2.9% from the services, 2.7% from the food, and 0.8% from the bank sector.
EBL Securities said in its daily market review, investors' sentiment was positive towards the bourse, while a section of the investors opted for portfolio rebalancing strategy ahead of the June closing year-end declaration.
Meanwhile, the DSE turnover increased 7% to reach Tk1,264 crore on Sunday compared to the previous trading day.
During the session, 116 companies' share prices advanced, 237 declined and 22 remained unchanged at the DSE.
The most-traded share is Saif Powertec with a trade value of Tk68 crore, which was followed by British American Tobacco and Beximco Limited.
Fu-Wang Ceramic topped the gainer list was an 9.95% increase followed by GPH Ispat and Meghna Cement.
Family Tex was the worst share which lost 9.43% prices followed by Tung Hai Knitting and RN Spinning.
The port city bourse Chittagong Stock Exchange's key index CASPI gained 103 points to close at 18,673.
