Prices remain bullish amid 32pc rise in turnover

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FE Report
The stock prices remained bullish in the week ended Thursday last amid a 31.92 per cent rise in the turnover.
The daily average turnover rose to Tk 1.565 billion in the week from Tk 1.186 billion of the previous week.
All the market barometers --DSE General Index or DGEN, DSE 20 and All Share Price Index or DSI-- gained by 58.27 points, 40.08 points and 28.14 points against the previous week to close at 2087.10, 1858.03 and 1706.48 respectively.
The total market capitalisation further rose to Tk 462.10 billion from Tk 453.43 billion.
Market operators said the market continued to witness a bullish trend, propelled by a fresh buying spree of institutional, retail and portfolio investors.
"Institutions were very active in recent days and they were buying blue-chip issues of banks, power and mutual funds," a DSE source said.
Market operators said the institutional investors' loan facilities for general investors also helped the market get a big boost.
"All the top institutions like AB Bank, IDLC, Prime Finance and Dhaka Bank have attracted a lot of investors through disbursing loans to the investors for buying shares in recent days and it gave a very good signal to the market," a DSE source said.
Apart from the loan facilities, the institutions are also buying shares of banks, power and other sectors considering the better profit margins.
Summit Power and Southeast Bank were the first and second turnover leaders with Tk 502.61 million and 492.19 million traded accounting for 6.42 per cent and 6.29 per cent respectively of the total trading.
Power Grid, Square Pharma, BRAC Bank, Prime Bank, DESCO, AB Bank, Heidelberg Cement and United Commercial Bank Ltd were the other top turnover leaders.
Dutch-Bangla Bank was the top gainer company in the week with 50.93 per cent rise on the news that the central bank ordered the second generation bank to raise its paid-up capital to Tk 1.0 billion by issuing bonus or rights share to the shareholders.
"A section of buyers were crazy to buy the Dutch-Bangla Bank shares and it pushed the price of the bank share up to Tk 3571, a 50.93 per cent rise from the previous week," a DSE source told the FE.
Square Pharma attracted the investors when the company obtained accreditation from London-based Medicines and Healthcare Products Regulatory Agency (MHRA) to export the company products to the UK market.
Out of 274 issues, 167 gained, 53 declined, 18 remained unchanged and 36 remained non-traded.