Islami Bank, the nation’s leading Shariah-essentially based fully monetary establishment, has reached a historical milestone with its market capitalisation surpassing Tk10,000 crore for the first time since its checklist on the Dhaka Stock Alternate (DSE).
Market insiders said this suppose was driven by a recent market rally following the downfall of the Hasina-led authorities.
In line with EBL Securities’ everyday market review, Islami Bank shares surged by 9.03% nowadays, reaching Tk64. This exciting rise boosted the bank’s market capitalisation to Tk10,303 crore, making it the seventh-ultimate inventory on the DSE.
Other companies with a market capitalisation of no longer no longer up to Tk10,000 crore encompass Grameenphone, BAT Bangladesh, Square Prescribed capsules, Walton, Robi, and Beximco Restricted.
Leading the list is Grameenphone, with a market cap of Tk47,179 crore.
Islami Bank is now doubtlessly the most treasured inventory within the banking sector, surpassing BRAC Bank and Dutch-Bangla Bank.
Between 6 August and 24 September, Islami Bank shares skyrocketed by 96%. Market analysts attribute this unprecedented surge to a couple key components – the bank’s separation from the S Alam Neighborhood, an expected investment from the Worldwide Finance Corporation (IFC), and efforts by existing shareholders to increase their stakes within the bank.
An analyst of a brokerage firm said the Bangladesh Bank Governor Ahsan H Mansur no longer too long ago mentioned in a press briefing that discussions are underway with the IFC to gain a 10-15% stake in Islami Bank, which would perchance additionally aid revitalise the bank. If successful, this switch may perchance well additionally restore investor self belief.
Rehan Kabir, head of learn at EBL Securities, noted that there is substantial hype surrounding Islami Bank shares, with investors believing that the bank’s subject will enhance because it has separated from S Alam Neighborhood.
Nonetheless, he identified that the bank’s monetary blueprint has no longer been formally disclosed. The upcoming newsletter of the third-quarter monetary document will provide clearer insights into the bank’s condition.
