Stocks shoot up on banks

Dhaka stocks rebounded strongly yesterday from continuous loss and flat trends for the last few days with all its indices going up backed by banking shares, although decliners beat advancers.
The benchmark index of the Dhaka Stock Exchange, DSE General Index, rose by 39.62 points, or 1.63 percent, to 2,466.16 points. The DSE All Share Price Index also increased by 29.33 points, or 1.45 percent, to 2,045.14 points.
"Although losers dominated the market, banks with their larger share of total market cap and turnover pulled the market up," according to an analysis of Equity Partners Limited (EPL), an investment bank.
Banks advanced remarkably with almost all of them gaining more than 10 percent.
"The banks have become the cheapest among all the fundamentally strong sectors. Investors might have decided that it is the right time to invest in the sector, which could be a reason behind the sudden rise," the EPL analysis said.
The volume also indicated that the institutional investors dominated mainly the banking sector, it added.
Of the 244 traded securities, 74 advanced, 165 declined and five remained unchanged. A total of 2,42,89,958 shares worth Tk 452.11 crore were traded on the premier bourse.
Summit Power topped the turnover leaders on the DSE with 3,16,600 traded shares worth Tk 37.19 crore. The day's other turnover leaders were S Alam Cold Rolled Steels, Beximco, Summit Alliance Port, ACI, Titas Gas, Powergrid, Desco, Beximco Pharma and Eastern Housing.
Chittagong stocks also shot up yesterday. The CSE Selective Categories Index went up by 157.92 points, or 3.23 percent, to 5,039.13 points. The CSE All Share Price Index rose by 212.52 points, or 2.8 percent, to 7,779.59 points.
A total of 48,71,977 shares worth Tk 57.84 crore changed hands on the Chittagong Stock Exchange. Of the 147 traded issues, 44 advanced and 103 declined.
Beximco topped the turnover leaders on the CSE with 2,41,500 traded shares worth Tk 5.54 crore. The other turnover leaders were AB Bank, Summit Power, S Alam Cold Rolled Steels, AIMS 1st Mutual Fund, BSRM Steel, Beximco Synthetics, National Bank, BRAC Bank and Shinepukur Ceramics.