Dhaka index rises as NBFI stocks lead gains
Among the traded issues, 220 advanced, while 97 declined and 80 remained unchanged
In a surprising market movement, non-banking financial institution (NBFI) stocks led a broad-based rally at the Dhaka Stock Exchange (DSE) today, delivering outsized returns despite the sector's well-documented struggles with non-performing loans and governance issues.
According to EBL Securities' daily market review, the NBFI sector delivered a 3.4% return, with top-performing stocks including LankaBangla Finance, Islamic Finance, FAS Finance, and Premier Leasing.
Data from the Dhaka Stock Exchange (DSE) showed LankaBangla Finance leading the top gainers' chart with a 10% price jump, followed by Islamic Finance with 9.26%, FAS Finance with 9.09%, and Premier Leasing with 8.82% gain.
Riding on the robust performance of the NBFIs, DSEX, the key index of the premier bourse, climbed 17 points or 0.33% to reach at 5,214, extending its rally for the second consecutive sessions. The blue-chip index DS30 also gained 6 points to close at 1,918.
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Among the traded issues, 220 advanced, while 97 declined and 80 remained unchanged.
However, trading activity observed a lackluster momentum, with market turnover falling by 23% to Tk386 crore compared to the previous session.
EBL Securities said, the benchmark index of the capital bourse extended its gaining streak for two consecutive sessions riding on investors' buying interest on large cap scrips, although market participation remains sluggish as most investors remain watchful of the market's trend ahead of the Eid holidays.
The indices remained upbeat throughout the session with the majority of scrips witnessing price appreciation, while opportunistic investors also sought quick gain opportunities in particular beaten down scrips, it added.
