Bank stocks shine again

Dhaka stocks rebounded Monday after a four-day fall, riding on the surges in the prices of bank securities which had remained depressed for months, market operators said.
The general index of Dhaka Stock Exchange gained 39.62 points, or 1.63 per cent, to close at 2,466.16, while its blue chips index, DSE20, advanced by 68.60 points, or 3.72 per cent, to finish at 1,910.35.
A merchant bank official said the market recovered as investors bought shares of banks. The bank stocks witnessed the buying spree after a long lull which had pushed the share prices of the financial issues to their bottom line, he said. Market analysts had expressed their concern that bank shares were depressed in recent months as investors had been targeting low-capitalised stocks.
Of the total 27 banks’ shares traded on Monday, 26 saw rise in their share prices. Share price of BRAC Bank, however, dropped due to price adjustment on its ex-dividend trading.

The New Age