Written by The Banking Post
Stocks extended their rally for a second straight session on Monday, with banking shares leading the charge and pushing the Dhaka Stock Exchange (DSE) to its highest level in nearly three weeks.
The benchmark DSEX index climbed 66 points, or 1.23 per cent, to close at 5,455—adding 80 points over the past two sessions. The blue-chip DS30 index gained 27 points to 2,128, while the Shariah-based DSES advanced 10 points to 1,189.
Market analysts said opportunistic investors were quick to scoop up bank stocks after recent corrections, driving the market’s upward momentum.
Banks dominate the rally
BRAC Bank, Islami Bank, City Bank, Bank Asia and NCC Bank were the day’s biggest movers, jointly accounting for nearly one-third of the index gain.
BRAC Bank alone contributed 6.7 points to the DSEX after its share price jumped 2.53 per cent to Tk 68.8. Islami Bank added 4.1 points, while City Bank and Bank Asia boosted the index by 3.1 and 1.6 points respectively.
“Stocks extended their bullish momentum as investors turned back to heavyweight bank shares, strengthening the market’s upward trajectory,” EBL Securities said in its daily market note.
Turnover stays strong
Turnover stood at Tk 11.78 billion, slightly lower than the previous session’s one-year high of Tk 12 billion, but still considered strong.
Pharmaceuticals led trading activity, accounting for 16 per cent of total turnover, followed by textiles (12.3 per cent) and general insurance (11.8 per cent).
Out of 396 issues traded, 238 advanced, 114 declined, and 44 remained unchanged.
Sector performance mixed
The banking sector posted the biggest gain with a 1.90 per cent rise, followed by power, telecom, food and pharmaceuticals. However, non-bank financial institutions (NBFIs) came under heavy pressure, with eight of the day’s top 10 losers belonging to the sector. The slump followed news that Bangladesh Bank may liquidate some weak NBFIs.
CSE follows DSE higher
The Chittagong Stock Exchange also ended on a positive note. Its all-share CASPI index rose 170 points to 15,228, while the CSCX index gained 111 points to settle at 9,362.
