DSE scales new peak

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FE Report
Dhaka stocks ended the week on a high Thursday with the benchmark index scaling a new peak for the fifth straight session as financials and insurers continued to buoy investors' sentiment.
Trading of the Dhaka Stock Exchange was suspended for a four-day Eid-ul-Azha holiday after the benchmark DSE General Index (DGEN) closed at a record 4380.94, gaining 55.43 points or 1.28 per cent.
The broader DSE All Shares Price Index (DSI) advanced 44.94 points or 1.25 per cent to finish at 3632.40. The DSE-20 blue chip index rose 43.99 points or 1.78 per cent to 2513.53.
Dealers said an "under-valued" banking sector bolstered investors mood despite holiday fever gripping the traders. Financials rose 4.30 per cent with Pubali Bank gaining the highest 14.36 per cent
Insurers were also in high demand as investors reacted to a key parliamentary body's decision to table the proposed Insurance Bill in the next session of the house.
The new law has proposed sweeping changes in the laws regulating the country's 60 plus insurance companies, including a two-three times increase in paid up capital for both life and general insurers.
General and life insurance sectors edged up 3.93 per cent and 4.11 per cent respectively.
"Strong demand for banking and insurance shares continued to spur the market," said Arif Khan, deputy-managing director of the IDLC Finance Ltd.
"There has been hectic trading of financials for the last few days as most of the banking shares are still under-valued. Insurers advanced due to the government's decision to table the insurance bill," he said.
The telecommunications sector advanced marginally as GP continued to carry the momentum for six consecutive sessions. It ended 0.39 per cent higher to Tk 180.00.
Majority of non-banking financial institutions (NBFIs) nudged higher while energy, pharmaceuticals, all the companies of the Beximco group and mutual funds ended lower on profit taking.
Gainers overwhelmed losers as out of 229 issues traded, 142 rose, 85 declined and two remained unchanged.
Turnover increased to Tk 9.13 billion, up 14 per cent over the previous session, despite the day's trading session was cut short by an hour because of the Eid festival.
Beximco Ltd, the flagship company of the Beximco Group, was the top turnover leader with shares worth Tk 446.95 million changing hands.
Social Investment Bank Ltd (SIBL), Bextex, Pubali Bank, AB Bank, Jamuna Oil, Grameenphone, Square Pharma, Titas Gas and Standard Bank were the other leading turnover leaders.
The major gainers were Phoenix Finance and Investment, Bank Asia, National Life Insurance, Federal Insurance, One Bank and Eastland Insurance.
Alltex, Reckitt Benckiser, Rangpur Foundry, First BSRS, Keya Detergent, Stylecraft, Libra Infusion, Aramit and Keya Cosmetic were the prime losers.