Banking issues pull stock market up
FE Report | Monday, 9 March 2009
Dhaka stocks rose sharply Sunday on anticipation that the banks, the bellwether of the market, might declare healthy dividends.
Trading at the Dhaka Sock Exchange (DSE) opened in an upbeat mood at the very outset and the trend continued until end of the trade.
The benchmark DSE General Index (DGEN) closed at 2645.84 with a gain of 70.64 points, the sharpest rise in about four weeks.
The All Shares Price Index (DSI) ended at 2203.15 with a rise of 56.50 points and the DSE-20 blue chip index finished at 2165.77 with a loss of 59.66 points.
'Rise of the banking stocks on the day has pulled the market up,' said Mahmudul Bari, deputy general manager of the IDLC Finance Limited.
The investors ran after the banking stocks that remained unattractive over the years on anticipation that the sector might declare healthy corporate benefits, he said adding that the declarations already made by some banks might have created positive feelings among the investors about banks.
Moreover, anxiety over the BDR carnage that jolted the market last week was on the wane, which also helped the market get back its pulse, Bari said terming the day's gain sustainable.
Out of a total of 255 issues traded, 156 gained, 93 declined and six remained unchanged.
The day's total turnover rose to Tk 4.29 billion against Tk 3.85 billion of Thursday, while the market capitalisation increased to Tk 1.02 trillion from the previous Tk 1.0 trillion.
Beximco Pharma was the top turnover leader for the second straight day with shares worth Tk 302.10 million traded.
The next other turnover leaders were Summit Power, Shinepukur Ceramics Limited, Apex Tannery, Beximco, AB Bank, Titas Gas, Aftab Automobiles and Jamuna Oil.
The Z-category issues continued to occupy the top gainer list despite the prime bourse's commitment to remove the junk shares from the list.
Beach Hatchery Aquaculture, a Z-category issue, saw the biggest gain of 15.49 per cent.
The next other gainers were Excelsior Shoes, GQ Ball Pen, Sonargaon Textile, BD Autocars, AB Bank, Rose Heaven, Peoples Insurance, Summit Alliance Port Limited and Purabi General Insurance.
The day's top ten losers were Dandy Dyeing, Desh Garments, Imam Button, Global Insurance, Standard Insurance, Fuwang Ceramic, Prime Insurance, Nitol Insurance, Continental Insurance and Dulamia Cotton.
Trading at the Dhaka Sock Exchange (DSE) opened in an upbeat mood at the very outset and the trend continued until end of the trade.
The benchmark DSE General Index (DGEN) closed at 2645.84 with a gain of 70.64 points, the sharpest rise in about four weeks.
The All Shares Price Index (DSI) ended at 2203.15 with a rise of 56.50 points and the DSE-20 blue chip index finished at 2165.77 with a loss of 59.66 points.
'Rise of the banking stocks on the day has pulled the market up,' said Mahmudul Bari, deputy general manager of the IDLC Finance Limited.
The investors ran after the banking stocks that remained unattractive over the years on anticipation that the sector might declare healthy corporate benefits, he said adding that the declarations already made by some banks might have created positive feelings among the investors about banks.
Moreover, anxiety over the BDR carnage that jolted the market last week was on the wane, which also helped the market get back its pulse, Bari said terming the day's gain sustainable.
Out of a total of 255 issues traded, 156 gained, 93 declined and six remained unchanged.
The day's total turnover rose to Tk 4.29 billion against Tk 3.85 billion of Thursday, while the market capitalisation increased to Tk 1.02 trillion from the previous Tk 1.0 trillion.
Beximco Pharma was the top turnover leader for the second straight day with shares worth Tk 302.10 million traded.
The next other turnover leaders were Summit Power, Shinepukur Ceramics Limited, Apex Tannery, Beximco, AB Bank, Titas Gas, Aftab Automobiles and Jamuna Oil.
The Z-category issues continued to occupy the top gainer list despite the prime bourse's commitment to remove the junk shares from the list.
Beach Hatchery Aquaculture, a Z-category issue, saw the biggest gain of 15.49 per cent.
The next other gainers were Excelsior Shoes, GQ Ball Pen, Sonargaon Textile, BD Autocars, AB Bank, Rose Heaven, Peoples Insurance, Summit Alliance Port Limited and Purabi General Insurance.
The day's top ten losers were Dandy Dyeing, Desh Garments, Imam Button, Global Insurance, Standard Insurance, Fuwang Ceramic, Prime Insurance, Nitol Insurance, Continental Insurance and Dulamia Cotton.