Stocks rise riding on banking shares

Dhaka stocks rose 0.77 percent yesterday on the back of the upward movement of banking shares.

The banking sector led the turnover chart of the Dhaka Stock Exchange, contributing 22.57 percent to the day's total turnover. Twenty-nine out 30 banking shares soared.

The DSEX, the benchmark index of the premier bourse, advanced 45.04 points to close at 5,822.99.

Optimistic investors took a fresh position in bank, telecom, fuel and power shares, pulling the market up, EBL Securities said in its regular market analysis. Turnover, another important indicator of the market, jumped 10.6 percent to Tk 561.48 crore, with 15.85 crore shares and mutual fund units changing hands on the DSE.

Of the traded issues, 129 advanced, 166 declined and 44 closed unchanged on the premier bourse.

Beximco dominated the turnover chart for 10 consecutive days with 1.33 lakh shares worth Tk 41.23 crore traded, followed by Al Arafah Islami Bank, Brac Bank, United Power Generation and Usmania Glass.

 Among the major sectors, banks rose 2.63 percent, fuel and power increased 0.71 percent, telecom 0.64 percent and textile 0.11 percent.

Conversely, life insurance and financial institutions sector declined 1.72 percent and 0.96 percent respectively.

Exim Bank was the day's best performer with a 6.66 percent gain followed by Usmania Glass, Eastern Lubricants and Eastern Bank.

Fareast Finance was the worst loser, shedding 7.95 percent followed by Advent Pharma, Sonali Aansh and CAPM BDBL Mutual Fund.

Chittagong stocks also rose with the bourse's benchmark index, CSCX, advancing 74.29 points, or 0.7 percent, to finish at 10,861.48.

Losers beat gainers as 93 advanced, 125 declined and 24 finished unchanged on the port city bourse.

The bourse traded 1.07 crore shares and mutual fund units worth Tk 66.24 crore.