The stock market edged higher on Thursday, maintaining the winning streak for the third straight session, as investors showed buying interest in the banking sector issues.
Market analysts said the investors showed their buying interest in banking sector stocks ahead of their year-end dividend declarations as many banking issues are still lucrative.
Share prices of 27 banks closed higher, out of 33 listed banks with the banking sector posting the highest gain of 1.10 per cent.
Price appreciation of several banks such as Union Bank, NRB Commercial Bank, IFIC Bank, City Bank, Social Islami Bank and South Bangla Agriculture & Commerce Bank helped the market index close in green terrain, according to a merchant banker.
The newly listed Union Bank share price surged by 9.38 per cent to close at Tk 14 each on Thursday, snapping the previous few days' losing streak.
The market started on a positive trend, but fell sharply in the mid-session. However, late hours' buying spree helped the index close slightly higher.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 6.76 points or 0.09 per cent to settle at 7,023. The key index added around 97 points in the past three trading days.
The DSE Shariah Index also saw a fractional gain of 0.25 point to close at 1,504. However, the DS30 index, comprising blue chips, shed 0.42 points to finish at 2,592.
Turnover, an important indicator of the market, stood at Tk 12.61 billion, which was 0.40 per cent lower than the previous day's tally of Tk 12.66 billion.
Union Bank, NRB Commercial Bank, Walton, British American Tobacco and IFIC Bank, jointly contributed over 15 points rise to the DSEX, according to amarstock.com, a market data analyst.
Stocks saw bumpy rides as the prime bourse witnessed mixed trading while bargain hunters showed their buying interest in sector-wise stocks, keeping the market index in the positive terrain, according to EBL Securities.
Major sectors posted mixed performances. Banking sector witnessed the highest gain of 1.10 per cent, followed by general insurance (0.70 per cent), food (0.20 per cent), financial institutions (0.10 per cent).
On the other hand, life insurance companies faced the highest correction of 2.40 per cent, followed by cement with 1.0 per cent and power 0.80 per cent.
Losers, however, took a modest lead over the gainers, as out of 380 issues traded, 172 declined, 166 advanced and 42 issues remained unchanged on the DSE trading floor.
A total number of 229,453 trades were executed in the day's session with a trading volume of 296.63 million shares and mutual fund units.
The market capitalisation of the DSE stood at Tk 5,621 billion on Thursday, up from the previous day's mark of Tk 5,620 billion.
Beximco - the flagship company of Beximco Group- topped the turnover chart with shares worth Tk 859 million changing hands, followed by Bangladesh Building Systems (Tk 455 million), Union Bank (Tk 411 million), Fortune Shoes (Tk 386 million) and BATBC (Tk 319 million).
Nahee Aluminum Composite Planet was the day's top gainer, posting a gain of 9.95 per cent while RAK Ceramics was the worst loser, losing 6.45 per cent.
The Chittagong Stock Exchange also edged higher with its All Shares Price Index (CASPI) rising 10.12 points to close at 20,576 while the Selective Categories Index CSCX gaining 6.0 points to close at 12,359.
Of the issues traded, 135 declined, 125 advanced and 42 issues remained unchanged on the CSE.
The port-city bourse traded 17.37 million shares and mutual fund units with turnover value of Tk 406 million.
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