DGEN hits new high on fresh fund flow

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FE Report
The benchmark index DSE General Index (DGEN) hit a new high Monday following inflow of fresh fund to the market.
The market opened with a strong note climbing steadily at close as the investors bet on banking, leasing, power and fuel, and pharmaceuticals stocks.
The benchmark DSE General Index (DGEN) surged by 1.36 per cent or 87 points to end at 6462.93, outshining the previous record close of 6432.50 two weeks back. It hit highest 6471.44 at one stage.
The broader All Shares Price Index (DSI) rose 1.31 per cent or 69.57 points to 5365.50. The DSE 20 index comprising blue chip shares ended at 3780.75, up by 1.02 per cent or 38.51 points.
"Fresh funds took the market to a new high," said Rezaul Haque, head of merchant banking division of Prime Finance and Investment Ltd.
Trading activity, however, was slightly lower as turnover declined by 6.75 per cent to Tk 15.35 billion. Market capitalisation stood at an all time high of Tk 2.82 trillion.
Out of 246 issues traded, 163 closed positive, 76 negative and seven remained unchanged.
Rally in GP shares, the most weighted shares in DSE and lone listed company in telecommunication sector, slowed down rising 0.62 per cent after gaining 6.0 per cent rise in the previous session following declaration of its strong half-yearly results.
Banking sector -- the market's bell weather -- shot up by 1.59 per cent, driven by Pubali Bank, AB Bank and Al-Arafah Islami Bank that rose 2.98 per cent, 2.65 per cent and 4.89 per cent respectively.
Non-banking financial institutions or leasing sector nudged 2.25 per cent higher, led by heavyweights ICB that spiked 4.65 per cent.
Fuel and power sector was up by 0.92 per cent, riding on Summit Power that rose highest 2.32 per cent after the news that the company eyed to generate more than 1000-mw electricity in the next five years.
Other major sectors -- insurers and mutual funds -- went down on profit taking.
Titas Gas topped the turnover list with shares worth Tk 989.35 million traded.
It was followed by Beximco Ltd, Power Grid, LankaBangla Finance, BATBC, AB Bank, Summit Power, DESCO, BRAC Bank and Al-Arafah Islami Bank.
The prominent gainers included Rangpur Foundry, Premier Bank, Al-Arafah Islami Bank, Metro Spinning, ICB, Atlas Bangladesh, Navana CNG and Eastern Housing Ltd.
Gemini Sea Food, ICB Employee First Mutual Fund, National Life Insurance, Desh Garments, ICB Third NRB, Grameen Scheme Two Mutual Fund, Monno Fabrics and First Prime Mutual Fund were the top losers.