DBBL, Bank Asia advance despite market fall in early trade 

Shares of most companies fell in the morning trade on the Dhaka Stock Exchange (DSE), extending a losing streak for the fourth day.

The benchmark index, DSEX, declined 27.63 points, or 0.47 percent, to 5736.14 at 11 am today.

The DSE-30 index, representing blue-chip shares, and DSES, the Shariah-based index of the prime bourse, lost in the first hour of trading.

Losers far outpaced gainers with prices of 242 shares declined and 64 advanced.

Amid the downturn, shares of Dutch-Bangla Bank Plc (DBBL) gained 6.09 percent to Tk 57.5 as of 11.12 am after its board recommended 17.5 percent cash and 17.5 percent stock dividends based on its increased earnings in 2023.

Alongside, Bank Asia advanced 1.09 percent to Tk 18.6 until 11.14 am on the DSE following reports that it is likely to acquire the Bangladesh operations of Karachi-based Bank Alfalah.

Bank Alfalah disclosed the information to the Pakistan Stock Exchange yesterday announcing that its board approved in principle a non-binding offer given by Bank Asia to take over Bank Alfalah's Bangladesh unit.

Bank Asia's board will convene a meeting on Sunday, and will likely provide more details about the move afterwards, said a senior official of the lender.