Banks and NBFIs pull down stocks | The Daily Star
12:00 AM, March 12, 2018 / LAST MODIFIED: 12:11 AM, March 12, 2018

Banks and NBFIs pull down stocks

Dhaka stocks lost 54.62 points yesterday on the back of a slump in bank and non-bank financial institution stocks.

DSEX, the benchmark index of the Dhaka Stock Exchange, closed the day at 5,773 points, while DS30, the blue-chip index, lost 17.64 points to close at 2,126 points.

Since banks and NBFIs account for substantial market capitalisation, their fall is bound to affect the broad index. NBFIs shed 1.50 percent and banks 1.40 percent.

The interest rate is on the rise now, so investors will shift from stocks to bank products, said Mohammed Rahmat Pasha, chief executive of UCB Capital Management.

Turnover, an important indicator of the market, declined 13.6 percent from the previous day to hit Tk 236.74 crore -- the lowest since July 2016.

Monno Ceramic was the most traded stock of the day, with its transaction of Tk 11.20 crore, followed by CVO Petrochemical Refinery and Beximco Pharma-ceuticals.

Engineering stocks were the most traded sector with a turnover of Tk 37 crore, which is 16.57 percent of the total turnover of DSE.

Asia Pacific General Insurance was the day's best performer, posting a 9.09 percent gain, followed by Fareast Islami Life Insurance at 4.23 percent and HR Textile at 3.46 percent.

LankaBangla Finance was the day's biggest loser, with its share value declining 9.77 percent, followed by Zaheen Spinning 5.2 percent and EBL First Mutual Fund 4.76 percent.

Losers beat gainers as 53 advanced, 246 declined and 31 remained unchanged.

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