Stocks rebound as banking shares lead buying ahead of Durga Puja holidays

Stocks at the Dhaka Stock Exchange (DSE) rebounded yesterday after two consecutive sessions of losses, driven mainly by buying interest in banking shares ahead of their board meetings and expectations of stronger earnings declarations from fundamentally sound banks.

The DSEX, the benchmark index of the DSE, gained 28.0 points to close at 5,451 points, up from 5,423 points in the previous session, reports BSS.

Market sentiment remained positive throughout the session, despite some mid-session fluctuations, as sustained buying interest in heavyweight stocks supported the upward trend ahead of the Durga Puja holidays.

Meanwhile, the Chittagong Stock Exchange (CSE) also ended the session in positive territory. Its Selective Categories’ Index (CSCX) and All Share Price Index (CASPI) advanced by 41.5 points and 66.8 points, respectively.

Market turnover rose 37.5 percent to Tk 500 crore from Tk 370 crore in the previous session, indicating increased trading activity.

Banking stocks dominated the turnover, accounting for 23.5 percent of the total, followed by textile shares at 21.6 percent and pharmaceutical stocks at 9.7 percent.

Sector-wise, mutual funds posted the highest gain of 1.8 percent, followed by banks at 1.2 percent and life insurance at 1.0 percent.

In contrast, jute stocks recorded the steepest decline of 3.6 percent, while paper and textile sectors fell 0.9 percent and 0.5 percent, respectively.

Of the 395 issues traded on the DSE, 186 advanced, 136 declined and 73 remained unchanged.