Fresh money inflow takes DGEN to all time high

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FE Report
Dhaka stocks rose slightly in highly volatile market Monday, taking the DSE benchmark index to an all time high with entry of fresh money pushed the turnover to its peak, dealers said.
The benchmark DSE General Index (DGEN) gained 13.26 points or 0.22 per cent to close at 5839.13, beating the previous record 5838.28 set on February 17.
Though DGEN closed slightly higher, it went in the red plunging about 100 points on profit taking in almost halfway of the session after hitting 85 points in the early trading. Thereafter, the market saw modest recovery in the final minutes, as buying recommenced at lower levels.
The broader All Shares Price Index (DSI) ended at 4805.05, up by 7.05 points or 0.14 per cent. The DSE 20 index comprising the blue chip shares gained 29.33 points or 0.91 per cent to 3246.46.
Market liquidity has been robust in the last several sessions because of entry of fresh fund, leading the turnover to reach its all time high of Tk 23.05 billion.
Banking issues saw the highest transaction in terms of volume with shares worth Tk 7.49 billion, followed by Fuel and Power with Tk 3.73 billion, and leasing or non-banking financial institutions (NBFIs) with Tk 2.70 billion.
Turnover broke the record just in a span of three sessions when it hit Tk 22.82 billion Wednesday.
"Flow of fresh fund helped the market set records, both in indices and turnover," said Ahmad Rashid, managing director of Rashid and Investment Services Limited.
These funds were invested in the fundamentally strong shares like banks, he said.
"The securities regulator's decision to convert the high-valued issues into Tk 10 shares was the main factor for making the banking stocks lucrative," Rashid said.
About entry of undisclosed money in the market, he said, "I can not term the fresh fund as undisclosed until it is proved by the revenue board."
The opportunity given by the government to whiten undisclosed money by investing in stocks will expire next month.
Banking shares, which make up one-fourth of the bourse's market capitalisation, continued its bull run, gaining 1.35 per cent to emerge as the top gainers.
Among the banks, One Bank was the largest gainer spiking 12.40 per cent, although it was shown as the top loser in DSE website, as there was no adjustment made for stock dividend, according to the BRAC-EPL, an investment bank.
Al-Arafah Islami Bank gained 6.94 per cent.
Telecommunications broke its losing streak for the second consecutive session, as Grameenphone, the lone listed company in the sector, was up by 0.29 per cent to Tk 278.
Mutual funds lost more than three per cent - the worst performer of the day --after gaining for three consecutive sessions.
NBFIs closed flat, while pharmaceuticals rose 1.11 per cent.
Fuel and Power sector eased 1.5 per cent, and cement sector 1.45 per cent. General insurance companies advanced 1.77 per cent, and life insurers lost 0.78 per cent.
Beximco topped the turnover list with shares worth Tk 2.52 billion changing hands, which was the highest transaction in value by a company in DSE.
Titas Gas was second with trading of Tk 1.15 billion shares.
Other turnover leaders were AB Bank, Premier Bank, Summit Power, KPCL, Shahjalal Islami Bank, LankaBangla Finance, National Bank Limited and Social Islami Bank.
The other major gainers included Reckitt Benckiser, Pragati Insurance, Second ICB, Al Arafah Islami Bank, Uttara Finance, Rahima Food, 1st BSRS and Central Insurance.
Prominent losers were One Bank, ICB Employee Provident Mutual Fund, Federal Insurance, BIFC, the Ibn Sina, Kohinoor Chemicals, ICB Islamic Mutual Fund and DBH First Mutual Fund.