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Daily Business News All Daily Business News
22 Apr 2014
Dhaka stocks rise with investors interest in banks

Dhaka stocks advanced for the third trading session on Monday with increased turnover due to investors’ growing interest in the banks and non-banking financial institutions ahead of the quarterly earning disclosures. The key index of the Dhaka Stock Exchange, DSEX, increased at 4,648.75 points, adding 0.69 per cent or 32.31 points. The DSEX on Monday increased to a one-month high after it was at 4,660.52 points on March 12. Turnover of the bourse increased to Tk 461.18 crore compared with Tk 399.15 crore in the previous trading session.

Investors who were much attracted to the large capitalised and multinational companies for last couple of weeks diverted their concentration to the banks and non-banking financial institutions for last couple of sessions, market operators said. Significant rise in the heavyweight and MNCs prompted investors to sell offs shares to make some profit resulted decline in most MNCs share prices, they said. Investors diverted their concentration to the banks and financial sectors ahead of the quarterly earning disclosures of the companies, they said.

Followed by the investors’ growing interest, 11 scrips out of the day’s top twenty gainers came from the bank and NBFI sectors. The companies are : Mercantile Bank, Fareast Finance & Investment, UCBL, Bay Leasing & Investment, Southeast Bank, Dhaka Bank, Shahjalal Islami Bank, First Lease Finance and Investment, Prime Finance & Investment, Islamic Finance & Investment, Jamuna Bank and ICB Islami Bank. DS30, the blue-chip index of the bourse, closed flat at 1,700.08 points, adding 0.08 per cent or 1.52 points. The Shariah index of the bourse, DSES, however, declined to 1,030.99 points, shedding 0.32 per cent or 3.32 points. Of the 290 shares and mutual funds that changed hands, 168 advanced, 103 declined and 19 remained unchanged. ‘Financial sector, especially banks came in the frontline today [Monday],’ IDLC Investments said in its daily market commentary. ‘Lucrative valuation level and quarterly earnings expectation knocked investors’ sentiment very strongly,’ it said. As a result, all the banks except three gained today, amid which five emerged at top ten gainers list. ‘Meanwhile, increased level of focus in banks amplified today’s [Monday] market level activity,’ said IDLC.

Meghna Petroleum led the turnover chart as its shares worth Tk 30.50 crore changed hands. Lafarge Surma Cement, Heidelberg Cement, Square Pharmaceuticals, Padma Oil, Familytex, AB Bank, Olympic Industries, United Commercial Bank and Grameenphone were among other turnover leaders. Fareast Finance and Investments gained the most on the day as its share prices increased by 9.32 per cent, while Renwick Jajneswar lost the most shedding 8.60 per cent.

Source :: The New Age