Bullish trend continues

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FE Report
The stock market remained bullish in the week ended Thursday with price indices rising amid buying by both retail and institutional investors,
The week witnessed two new market milestones when the benchmark DSE General Index or DGEN crossed 2100-mark and the turnover whopped to Tk 2.344 billion, a record high.
DGEN, DSE 20 and All Share Price Index or DSI- gained by 62.22 points, 24.06 points and 57.70 points against the previous week to close at 2149.32, 1882.09 and 1764.18 respectively.
The daily average turnover rose to Tk 1.693 billion in the week from Tk 1.565 billion showing an 8.16 per cent rise.
The total market capitalisation further rose to Tk 475.85 billion from Tk 462.10 billion.
Market operators said the market continued to witness a bullish mood with a fresh buying spree by institutional, retail and portfolio investors.
"Institutions are now very active in the market and they are buying blue-chip issues under banks, power and insurance sectors," a DSE source said.
Life insurance issues made significant gains in the week on the news that the government has taken strong move to strengthen the insurance sector.
Insurance companies --Sandhani Life Insurance, Pragati Life Insurance, Delta Life Insurance, Popular Life Insurance and National Life Insurance -- rose significantly in the week.
Insurance issues are attracting investors with improved earnings," a DSE source said.
Power Grid and BRAC Bank were the first and second turnover leaders with Tk 646.60 million and 574.71 million accounting for 7.64 per cent and 6.79 per cent respectively of the total trading.
DESCO, Southeast Bank, Pubali Bank, Shahjalal Islami Bank, NBL, Summit Power, Heidelberg Cement and Square Pharma were the other top turnover leaders.
Out of 273 issues, 129 gained, 85 declined, 20 remained unchanged and 39 remained non-traded.
The trading on country's two bourses-DSE and Chittagong Stock Exchange- will remain suspended tomorrow (Sunday) due to bank holiday on the last day of fiscal 2006-07.