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Bank stocks suffer losses

Sarwar A Chowdhury
Banking stocks lost around 25 percent of their market capitalisation in last one year because of the investors' increased interest in short-term speculative gains instead of long-term returns.
Market capitalisation of banking stocks wasTk35,453.12 crore at the end of March 2008, which came down to Tk27,155.16 crore on March 23 this year, according to Dhaka Stock Exchange statistics.
Since April last year, share prices of 30 listed banks have been going down continuously, although many of them already declared handsome dividends.
Financial disclosures by the banks also failed to attract the investors although their performances were good in 2008 over the previous year, according to market analysts.
Seven banks declared dividends in
last few days, but share prices of six of them declined following their financial disclosures as those did not match the investors' expectations, analysts said.
News of BRAC Bank, which declared a 30 percent stock dividend, was posted on March 15 and its price fell 1.64 percent to Tk523.80 on the same day. Also, price of Southeast Bank, which announced 15 percent cash and 20 percent stock dividends, slid 1.14 percent to Tk260.80 on March 16, while IFIC Bank, which declared a 30 percent stock dividend, dropped 12.36 percent toTk683.30 on March 17.
Prices of Trust Bank, Pubali Bank and Mutual Trust Bank also declined after they declared dividends last week
Standard Bank was the only bank whose share price rose 2.57 percent to Tk209.50 on March 15 following its declaration of a 20 percent stock dividend.
Changes in investors' trading behave iour and psychological pressure
stemmed from the ongoing global financial crisis can be attributed to this decline, according to an analysis by AIMS of Bangladesh, an asset managementcompany.
"In recent times most of the investors and traders are fascinated by short-term speculative gains rather than long-term returns. So ignoring banking stocks, investors and traders arc pouring funds into small and mid-cap stocks to make a quick buck," the analysis said.
The recent unusual price hike of junk shares is the reflection of the traders' speculative attitude, it said.
The analysis said the bank shares are now being traded close to their historic lows.
Equity Partners Limited, an investment bank, also echoed the same in a recent market analysis.
It said: "The banking shares have been on the downturn for a long time and some of those shares have reached
extremely low P/E levels. Banking as a sector has become the cheapest with a P/E (price earning) ratio of less than 11."
However a DSE broker said bank stocks are now being traded at attractive
and cheaper prices.
“The investors should now turn to banking stocks, which are considered fundamentally sound," he added.
sarwar@lhedallyslar.net