Market closes modestly higher on banking sector strength

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Market closes modestly higher on banking sector strength

B Mirror Report:  The benchmark index of the Dhaka Stock Exchange (DSE) ended slightly higher today, driven by renewed investor interest in banking sector stocks amid expectations of strong earnings and dividend announcements.

The DSEX, the broad index of the DSE, gained 8.3 points to close at 5,309 points, compared to 5,301 points in the previous trading session.

Despite mid-session profit-taking pressure that trimmed early gains, the market managed to remain in positive territory, supported mainly by earnings-driven optimism in selected large-cap shares.

Market turnover also increased significantly, crossing the Tk 10 billion mark after three consecutive sessions of lower activity. Turnover rose by 7.4 percent to Tk 10.2 billion from Tk 9.6 billion in the previous session, indicating improved participation.

Sector-wise, banking accounted for the largest share of turnover at 21.5 percent, followed by general insurance at 19.8 percent and textiles at 9.7 percent.

Overall sector performance remained mixed. The services, food, and banking sectors gained 2.0 percent, 1.3 percent, and 1.1 percent respectively, while travel, IT, and paper sectors declined by 1.5 percent, 1.5 percent, and 1.1 percent respectively.

Out of 397 traded issues, 88 advanced, 247 declined, and 61 remained unchanged, reflecting a generally negative market breadth despite the index gain.

Meanwhile, the Chittagong Stock Exchange (CSE) ended on a mixed note. The Selective Categories’ Index (CSCX) fell by 23 points, while the All Share Price Index (CASPI) dropped by 26.6 points, indicating subdued sentiment in the port city bourse.

 

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