Banking and blue-chip stocks lift DSE despite lower turnover
Out of the 10 stocks, seven banks were index pullers, as their share prices surged
After a brief period of profit-taking, the Dhaka Stock Exchange (DSE) experienced a rebound today (24 December), spearheaded by significant gains across blue-chip and banking shares.
The benchmark index, DSEX, of the bourse, surged by 23 points, while turnover declined by 17% to Tk338.10 crore, according to DSE data.
Out of the 10 stocks, seven banks – including BRAC Bank, City Bank, Pubali Bank, Eastern Bank, and Uttara Bank – were index pullers, as their share prices surged.
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However, the majority – 178 out of 387 stocks traded on the bourse – posted price gains, while 126 declined and 83 remained unchanged.
Stocks opened on a positive note today (24 December), with prices of the majority of stocks rising and indices advancing.
However, after the first 19 minutes of trading, sell-offs emerged, dragging the indices down for about 10 minutes.
From around 10:30am, buying interest regained dominance, pushing stocks higher, with the upward momentum continuing until 1pm.
After that, selling pressure returned, but the market eventually closed in positive territory with DSEX gaining by 23 points to settle at 4,883 points.
Meanwhile, the other two indices – Shariah-based DSES and blue-chip DS30 – rose by 6 points and 9 points, respectively, to close at 1,006 and 1,882 points.
Market capitalisation, the total value of a publicly traded company's outstanding common shares owned by stockholders, Tk1,248 crore to Tk6.77 lakh crore.
According to the LankaBangla financial portal, Al-Arafah Islami Bank topped the index gainers, followed by BRAC Bank, City Bank, Beacon Pharmaceuticals, Pubali Bank, Uttara Bank, Grameenphone, Southeast Bank, and Eastern Bank.
On the dragger side, National Bank was the major index dragger, followed by Square Pharmaceuticals, GPH Ispat, ACI, Summit Power, AB Bank, Prime Bank, and Unilever Consumer Care.
Al-Arafah Islami Bank was the top gainer on the DSE with the increase of its shares by 8.57% to Tk15.2 each.
Rahima Food Corporation was the second top gainer with an increase in its share price by 6.50% to Tk160.5 as a revival plan was unveiled with the agreement with City Edible Oil to use the factory of Rohima Food to bottle oil.
Other top gainers are Makson Spinning Mills (6.38%), GSP Finance (6.25%), and Malek Spinning Mills (6.15%).
Fareast Finance was the top loser as its share price declined by 9.38% to Tk0.58 each, FAS Finance, People's Leasing by 8.33% to Tk0.66 each and Tk0.55, respectively.
Bangladesh Shipping Corporation, a state-owned firm, led the top trading stocks in terms of value with Tk18.74 crore, followed by City Bank with Tk13.10 crore, Rohima Food Corporation with Tk12.97 crore and Shaiham Cotton with Tk12.83 crore.
