Banks drive stock rally

Dhaka stocks rallied for a third day, as bank shares advanced heavily in back-to-back sessions yesterday.

The benchmark index of Dhaka Stock Exchange, DSE General Index, shot up 70.82 points, or 1.68 percent to 4,273.91, reaching a new high.

The banking sector gained 3.99 percent as a whole as most banks increased more than 4 percent, of which Dhaka Bank had the highest gain with a 9.54 percent rise.

Starting off on a positive note, the market was always up from the previous day's close. It rose to 4,280 points before closing at 4,273.91 points.

The broader DSE All Share Price Index went up 58.84 points, or 1.68 percent, to 3,546.64.

The telecom sector, which comprises only Grameenphone, also gained in back-to-back session, going up 1.69 percent, as shares of the largest mobile phone operator finished higher at Tk 168.50.

The non-bank financial institutions lost, although ICB and IDLC Finance posted marginal gains.

Among the mutual funds, three gained more than 5 percent, but the sector was marginally down as most others lost.

Pharmaceuticals, fuel and power and cement companies traded up, while insurance companies were in the red.

Advancers beat losers 122 to 107 with four securities remaining unchanged. A total of 3,09,24,301 shares and mutual fund units worth Tk 1,058.94 crore traded on the prime bourse.

Social Islami Bank topped the turnover leaders with 14,35,400 shares worth Tk 40.64 crore being traded.

Dhaka Bank was the largest gainer that rose 9.54 percent, while Samata Leather was the largest loser that declined 7.16 percent on the DSE.

Chittagong stocks marked a sharp rise yesterday, as the bourse adjusted the prices of Grameenphone shares in its key index based on last five trading days' weighted average prices.

The CSE Selective Categories Index went up 348.94 points, or 4.52 percent to 8,053.14. The CSE All Share Price Index gained 223.45 points, or 1.82 percent to 12,483.2.

A total of 38,01,983 shares and mutual fund units worth Tk 78.30 changed hands on the port city bourse. Of the traded securities, 87 advanced, 67 declined and three remained unchanged.

Beximco topped turnover leaders with 2,34,600 shares worth Tk 7.10 crore being traded on the CSE.

Gulf Foods, which advanced 20 percent, was the biggest gainer, while Standard Ceramic, which declined 9.16 percent, was the biggest loser.