Stocks pass 6,000 points after over 3 years
Dhaka stocks yesterday crossed 6,000 points for the first time in more than three years thanks to increased participation of buoyant investors going after banking stocks.
The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), rose by 22 points, or 0.32 per cent, to 6,008.69, the highest since February 15, 2018.
Among the major sectors, banks, mutual funds and non-bank financial institutions (NBFIs) experienced price appreciation while IT, jute and general insurance saw corrections.
Turnover, another important indicator of the market, fell nine per cent to Tk 2,149 crore. The banking sector dominated the turnover chart, accounting for 23.10 per cent of the total.
The index has been rising on the back of bank and NBFI stocks because these were priced very low, according to a stock broker.
The banks provided higher dividends this year, causing their dividend yield to currently reach around five per cent. "So,people are investing in these stocks," he said.
And since these companies have a huge amount of paid-up capital, their rise has a higher impact on the index, which rose despite a fall by most of the stocks at the DSE.
At the country's premier bourse, 144 stocks advanced, 174 fell and 46 remained unchanged.
Other sectors are now witnessing profit booking sessions and subsequent falls as they advanced by around 10 to 15 per cent in the last few weeks, the broker added.
Dutch-Bangla Bank topped the gainers' list, rising 10 per cent, followed by IFAD Autos, Aftab Automobiles, Prime Islami Life Insurance and Jamuna Bank.
Stocks of Beximco traded the most with Tk 116 crore followed by Pioneer Insurance, IFAD Autos, AB Bank and the Northern General Insurance Company.
Delta Spinners shed the most, losing 9.34 per cent, followed by Imam Button Industries, Taufika Foods and Agro Industries, Aman Feed and Purabi General Insurance Company.
The Chittagong Stock Exchange (CSE) also rose.
The CASPI, the general index of the port city bourse, advanced 31 points, or 0.18 per cent, to 17,379.
Among the 303 stocks to witness trade, 121 rose, 143 fell and 39 remained unchanged.
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