Stock prices rally, general index crosses 2100-mark

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FE Report
The benchmark DSE General Index (DGEN) crossed 2100-mark Monday, a new milestone amid a hefty turnover and market capitalisation led by issues under banking and insurance sectors.
Earlier, the DGEN crossed the 2000-mark May 31, 2007 for the first time since its inception on November 27, 2001. On May 31, the DGEN closed at 2003.58 point. The market barometer earlier closed at 1999.71 on January 1, 2005.
On Monday's trading session DGEN, All Shares Price Index or DSI and DSE-20 gained by 30.625 points, 28.383 points and 24.128 points to close at 2128.921, 1744.213 and 1877.264 respectively.
"The market is gaining momentum because of investors' confidence and we hope the stock market will further rise with the floatation of shares by big companies under telecommunications, power, oil and gas sectors," said a DSE source.
The total turnover Monday rose to Tk 1.707 billion from Tk 1.490 billion on the previous day. The total market capitalisation escalated to Tk 470.464 billion from Tk 464.199 billion on the previous day.
Out of 202 traded issues, prices of 119 gained, 66 declined and 17 remained unchanged Monday.
The insurance sector issues rallied in the recent days on the news that the government took moves to strengthen the sector.
"Investors have diversified their investment and the insurance sector has been included in their choices in addition to banks and power sector," a DSE source said.
The DSE source said the insurance sector's good earnings records also attracted the investors.
Prices of NCC Bank increased by 6.05 per cent to Tk 337.25, NBL by 6.57 per cent to Tk 847.00, Pubali Bank by 4.57 per cent to Tk 709.25, Prime Bank by 2.03 per cent to Tk 803.75, IDLC by 11.02 per cent to Tk 810.75, Eastern Bank by 8.62 per cent to Tk 818.50, Sandhani Life Insurance by 12.43 per cent to Tk 558.25, Rupali Bank by 7.18 per cent to Tk 1569.50, Green Delta Life Insurance by 7.38 per cent to Tk 414.50, BRAC Bank by 2.93 per cent to Tk 771.75 per share and Southeast Bank by 1.21 per cent to Tk 480.25.
Peoples Insurance gained by 5.41 per cent to Tk 258.00, pioneer insurance by 3.11 per cent to Tk 198.50, popular insurance 2.97 per cent to Tk 1192.75 while Power Grid rose by 2.58 per cent to Tk 596.25 and Summit Power by 0.19 per cent at Tk 914.75.