Indices inch up, driven by bank stocks

Highlights 

• Islami Bank pulls 20.63 points
• Grameenphone pulls 12.19 points
• Walton drags 6.09 points
• Brac Bank top traded stocks 
• Bank stocks contributed one-fourth of total turnover 

Indices at the Dhaka Stock Exchange (DSE) inched up today, driven by bank stocks which contributed one-fourth of total daily turnover, even as the majority of stock prices fell.

DSEX, the broad index of the DSE, increased by 25.4 points, closing at 5,760 points, up from 5,735 in the previous session.  

The Shariah index (DSES) gained 10 points to settle at 1,273, while the blue-chip index (DS30) edged up by 2 points, finishing at 2,096.

The total turnover at the DSE stood at Tk674.38 crore, showing only a slight decrease from the previous session's Tk675.73 crore.

Of the traded stocks, 112 advanced, 237 declined, and 49 remained unchanged, according to the DSE. 

According to amarstock, Islami Bank Bangladesh contributed 20.63 points to the index's rise followed by Grameenphone with 12.19 points, Robi 6.10 points, Al-Arafah Islami Bank 3.69 points, Brac Bank 3.61 points, Social Islami Bank 3.32 points, City Bank 2.75 points, Dhaka Bank 2.05 points, Square Pharma 1.81 points and Dutch Bangla Bank 1.79 points.

However, some key stocks dragged down the index, with Walton leading the decline, subtracting 6.09 points. United Power followed with a 5.57-point drop, Beacon Pharma decreased by 4.24 points, Khan Brothers PP Woven Bags fell by 2.63 points, and BSRM Steel by 2.19 points.

EBL Securities in its daily market commentary said the capital bourse of the country closed in green terrain despite witnessing a late-session pullback due to short-term profit-taking by swing traders, which eroded some early gains of today's session.

"The market began the trading session with bargain hunters showing interest on sector-specific scrips, particularly from the banking sector, pulling up the benchmark index to an intraday high of 5793.85 points."

"However, cautious investors preferred to realise their gains owing to subdued confidence, causing the benchmark index to drag down later in the trading session," the commentary reads. 

On the sectoral front, bank stocks exerted the highest 25.3% in turnover, followed by pharma 13.9% and textile 10.9%. 

Rahim Textile Mills led the gainers' list with a 10% increase, reaching Tk154 per share, followed by Islami Insurance with a 9.92% gain, and Islamic Finance and Investment with a 9.86% rise.

Meanwhile, Hami Industries topped the losers' list with a 6.93% drop, bringing its share price to Tk79.2, followed by Khan Brothers PP Woven Bags with a 5.54% decline to Tk156.8 per share, and Global Heavy Chemicals, down 5.06% to Tk30 per share.

Brac Bank was the top traded company in terms of value with Tk44.15 crore, followed by Linde Bangladesh with Tk24.66 crore, Sonali Aansh Industries at Tk24.27 crore, Grameenphone with Tk21.76 crore, and Islami Bank at Tk17.96 crore, according to the DSE.

The port city bourse, CSE, also experienced mixed reactions today. The selected indices (CSCX) increased by 10.9 points, while All Share Price Index (CASPI) declined by 2.1 points.