DSE turnover hits month-high as financials shine, GP fades

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FE Report
Turnover at the Dhaka Stock Exchange hit one month high Monday, crossing Tk10 billion threshold for the first time since February 24, as shares rode on banks despite volatile trading.
The benchmark DSE General Index (DGEN) closed at 5562.37 with a meager rise of 14.14 points or 0.25 per cent, a day after it posted second biggest single-day gain in history.
During a fluctuating trading session, the index hit the highest level of 5580.17 when banks flexed their muscles but dropped to 5548.22 after the most weighted share, Grameenphone, declined nearly one per cent on profit taking.
The broader All Shares Price Index (DSI) was up by 11.00 points or 0.20 per cent to 4550.31 while DSE-20 comprising blue chips gained 22.11 points or 0.73 per cent to 3027.90.
"Banking issues that edged 1.55 per cent higher on the day sent the market into the positive territory," said Argus Research, a wing of Race Asset Management Company.
Turnover increased to Tk 10.10 billion, up 3.72 per cent over the previous session - its highest in a month - as retail investors injected more cash into the market, spurred by a flurry of good news in the past week.
Insurers and engineering sectors performed well, climbing 1.32 per cent and 1.63 per cent. Energy sector also nudged ahead.
Telecommunications were down by 1.0 per cent as Grameenphone, the sole listed company in the sector and the country's largest private company, fell to Tk 338.40 per share from Tk 344.0.
Non-banking financial institutions (NBFIs) sector dropped 0.74 per cent, pharmaceuticals 0.72 per cent, mutual funds 0.24 per cent and cement 0.22 per cent.
"After a big gain in the previous session, the investors took a pause in spite of successful holding of the DSE elections. This is a good sign that investors controlled their temperament," said a fund manger.
"Improvement of turnover also bodes well for the market, signaling that the investors are very much active in the market," he added.
The market breadth was healthy as out of 243 issues traded, 171 ended positive, 69 negative and three remained unchanged.
Beximco Ltd, the flagship company of industrial conglomerate Beximco Group, topped turnover list with shares worth Tk 5580.17 million traded.
It was followed by Bextex, Grameenphone, Summit Power, Lanka Bangla Finance, DESCO, Beximco Pharma, Shinepukur Ceramics and Navana CNG.
Imam Button was the highest gainer posting a rise of 10.00 per cent. Other prominent gainers included ACI Zero Coupon Bond, Al-Haj Textile, Kay and Que, Metro Spinning, Pragati Life Insurance, NCC Bank and Phoenix Insurance.
Bangladesh Computers, the day's top loser, lost 8.96 per cent after its rights offer was rejected by the Securities and Exchange Commission (SEC).