Rally of DGEN, turnover continues

FE Team | Published: November 01, 2010 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
Dhaka stocks set record Sunday also with the turnover crossing Tk 32.0 billion-mark for the first time on strong buying and selling along with continued fund flow.
The market started with a strong note, as DGEN crossed 8000-mark in the morning, but failed to sustain. The investors booked profit on most of the sectors, including non-banking financial institutions, engineering, and insurances. But continuous rally in banking stocks on better-than-expected third quarter earnings helped the market close slightly higher.
The DSE General Index (DGEN), the main gauge of the market, continued to rally for the eighth session, ending at the all time high of 7957.12 with a gain of 0.25 per cent or 20.07 points.
Strong buying and selling along with continued fresh fund flow led the turnover to set yet another record, stock dealers said. It clocked at Tk 32.08 billion, which was the all time high and 10 per cent higher than the previous session's Tk 29.46 billion on the back of huge share trading of Titas Gas, Beximco Ltd, AB Bank, United Commercial Bank and Bextex.
Losers thrashed gainers, as out of 242 issues traded, 79 advanced, 160 declined, and three remained unchanged.
The broader All Shares Price Index (DSI) gained 0.30 per cent or 19.84 points to 6612.13. The DSE-20 Index comprising blue chips rose marginally 0.04 per cent or 1.86 points to 4533.18.
"Strong buying and selling along with continued fund flow took the market to a new height," said a fund manager.
Most of the sectors saw price correction on profit taking, but rise in banking issues, which make up more than one third of the total market capitalisation, helped the market to close in the positive terrain.
Titas Gas topped the turnover list with shares worth Tk 1.90 billion changing hands. It was followed by Beximco Ltd, AB Bank, United Commercial Bank, Bextex, and Peoples Leasing.
Pharma Aid gained the highest 162 per cent after the company announced impressive 30 per cent cash dividend and 500 per cent stock dividend for the year ended on June 30, 2010. Other leading gainers were Libra Infusion, Imam Button, Ambee Pharma, EBL, Mithun Knitting, and Gemini Sea Food.
The prominent losers included Agni Systems Ltd, Desh Garments, IPDC, Safko Spinning, First Security Bank, Prime Textile, Miracle Industries, and BIFC.