DGEN crosses 7600-mark

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FE Report
Dhaka stocks posted a steep rise Thursday, pushing the benchmark index above 7600-mark for the first time, as the investors reacted positively to the corporate declaration of heavyweight Titas.
The investors snapped up fuel and power issues, expecting better dividend declarations, which gave positive impetus to the market, dealers said.
The benchmark DSE General Index (DGEN) surged by 1.23 per cent or 92.98 points to close at 7615.37, which was a new high. The broader All Shares Price Index (DSI) gained 1.22 per cent or 76.41 points to 6326.47. The DSE-20 Index comprising blue chips lost 0.34 per cent or 15.13 points to 4395.42.
Fuel and power sector - the third largest sector in the DSE - rebounded, rising 4.43 per cent after three sessions of loss.
The highest volume of trade was seen by Titas Gas, after the company announced 25 per cent cash dividend and 10 per cent stock dividend for the year ended on June 30, 2010. Titas also reported that its earning per share (EPS) stood at Tk 85.62 and net asset value (NAV) Tk 245.17 per share.
Titas was the top turnover leader with shares worth Tk 2.37 billion changing hands, which is the highest-ever transaction by a company in the DSE, and ten per cent of the day's turnover. Its share prices also soared to the day's third highest of 7.41 per cent.
"Actually, power companies powered the market," said RY Shamsher, chief executive officer of AB Bank Investment. "Taking cue from the Titas declaration, investors ran after power stocks," he added.
Non-banking financial institutions (NBFIs) gained 2.21 per cent, while other two heavyweight sectors - banking and telecommunications - declined.
Turnover was Tk 24.2 billion, showing an increase of 27 per cent over the previous session. Out of 242 issues traded, 149 advanced, 88 declined, and six remained unchanged.
After Titas, other turnover leaders were Lanka Bangla Finance, Peoples Leasing, Uttara Finance, Prime Finance, DESCO, RN Spinning and Summit Power.