DSE stocks get budget boost

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FE Report
Stock prices continued to rally on the Dhaka Stock Exchange (DSE) in the week ended Thursday, though the turnover marked 31.67 per cent fall due to inclement weather.
DSE sources said some of the budgetary proposals including imposition of higher corporate tax on mobile phone companies in case of their failure to get listed with the bourses made a positive impact on the week's trading.
As a result, all the market barometers--DSE General Index (DGEN), DSE 20 and All Share Price Index (DSI)--gained 22.41 points, 1.46 points and 31.83 points in the week against the previous week.
The DGEN, DSE 20 and DSI closed at 2028.83, 1817.95 and 1678.34 respectively.
The daily average turnover declined by 31.67 per cent to Tk 1.186 billion from Tk 1.736 billion.
The total market capitalisation crossed the Tk 450 billion-mark Thursday for the first time. Earlier on May 3 last the DSE market capitalisation crossed the Tk 400 billion-mark.
The DSE market capitalisation rose to Tk 453.43 billion in the week from Tk 444.64 billion.
Market operators said the market witnessed a bullish trend amid a fresh buying spree with the enhanced participation of institutional, retail and portfolio investors.
"Institutions are very active in recent days and they are buying blue-chip issues like banks, power sector entities and mutual funds," a DSE source said.
IFIC Bank, Uttara Bank and AB Bank were among the top ten gainer companies in the week with their shares rising by 34.66 per cent, 19.85 per cent and 14.71 per cent respectively.
IFIC Bank, Uttara Bank and AB Bank shares closed at Tk 1655.00, Tk 2516.25 and Tk 2366.00 each respectively in the last trading day of the DSE.
Investors showed their interest to buy the shares of IFIC Bank, Uttara Bank and AB Bank as Bangladesh Bank advised the companies to increase their paid-up capitals through issuance of bonus or rights shares.
'The central bank last week ordered four banks, namely IFIC, Uttara, AB and UCBL, not to declare cash dividend until the paid-up capital of the banks reach Tk 1 billion each,' a DSE source said.
However, Power Grid and BRAC Bank were the first and second turnover leaders with shares worth Tk 568.30 million and 504.16 million respectively traded accounting for 9.58 per cent and 8.50 per cent of the total trading.
Southeast Bank, AB Bank, Prime Bank, Square Pharmaceuticals, Premier Bank, Summit Power, DESCO and United Commercial Bank Ltd secured the 2nd to 10th places in terms of turnover.
Out of 274 issues traded, 109 gained, 101 declined, 19 remained unchanged and 45 remained non-traded.