Dhaka stocks rally for 5th session in a row

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FE Report
Dhaka stocks extended their rally for the fifth session in a row Wednesday on aggressive buying of energy, engineering and ceramic scrips as the market saw a brief scaling of the main index passing 6,500-mark.
Benchmark Dhaka Sock Exchange General Index (DGEN) could not sustain the historic level until the last minute due to erratic movement of share prices.
At the end of the day, the DGEN gained 0.41 per cent or 27 points to close at 6,495.20, which was a new high, after hitting highest 6512 in the final session.
The broader All Shares Price Index (DSI) rose 0.50 per cent or 26.94 points to 5,400.73. The DSE 20 index comprising blue chip shares ended at 3,801.21, down 0.05 per cent or 2.0 points.
"The market saw continuous record-breaking rally on aggressive demand for shares not on fundamentals," said RY Shamsher, head of AB Investment Bank.
"The investors have no alternative options to bet on except existing shares as there is no new supply of quality shares to the market," he said.
Turnover continued to rise as it stood at Tk 18.03 billion, up by 3.85 per cent over the previous session. Out of 244 issues traded, 159 advanced, 79 lost and six remained unchanged.
Fuel and power, which makes up nearly 20 per cent of the market's capitalisation, was up by one per cent. Among the energy issues, KPCL was the highest gainer with a rise of 3.22 per cent.
Ceramic sector closed 4.38 per cent higher to emerge as the top-gaining sector, driven by RAK Ceramic that gained 5.35 per cent.
Engineering sector rose 4.28 per cent with BSRM Steel rising 1.36 per cent.
GP, the most weighted shares in DSE and lone listed company in telecommunication sector, fell 1.68 per cent, notching up its losing trend for the second day.
Non-banking financial institutions (NBFIs) dropped 0.19 per cent as investors booked profit on those scrips.
Food and allied sector declined 0.79 per cent while the banking issues, the bellwether of the market, closed mixed.
Titas Gas topped the turnover leader with shares worth Tk 876.60 million changing hands, followed by Aftab Automobiles, Beximco Ltd, City Bank, LankaBangla Finance, BSRM Steel, Summit Power, RAK Ceramic, IFIC Bank and AB Bank.
Fidelity Asset was the largest gainer posting a rise of 8.17 per cent. Other top gainers included Apex Foods, Singer Bangladesh, Summit Alliance Port Ltd, Dulamia Cotton, OCL, Bangladesh Wielding.
The prominent losers were Samata Leather, Bextex, ICB Islamic, Trust Bank, Grameen Scheme Two Mutual Fund, ICB Second NRB, Prime Finance First Mutual Fund, Shinepukur Ceramics Ltd, EBL First Mutual Fund and Bangladesh Finance.