Banks catapult DSE up
Tuesday, 7 April 2009
FE Report
Dhaka stocks soared Monday riding on banking stocks picked up by the investors cashing in on cheap prices. However, losers outnumbered the gainers.
The benchmark index DSE General Index (DGEN) closed 39.62 points up at 2466.16, lifted by the banking stocks that previously plummeted for some time. All the top ten gainers were financial institutions.
"The investors' mood was boosted by cheaper prices of the banking shares, anticipating good return in future," said Arif Khan, deputy managing director of the IDLC Finance Ltd.
"It's a welcome move shown by the investors this morning, sending a positive signal to the market that fundamentally based stocks finally attracted them," he added.
Monday's rally of banking stocks has created a sense of relief among some of the investors because these stocks were under pressure over the years in the wake of global financial maelstrom, according to the stockbrokers.
The All Shares Price Index and DSE-20 comprising blue chip gained 29.33 points and 68.60 points to end at 2045.14 and 1910.34 respectively.
Share prices of the insurance, IT and power and energy dropped on price correction.
Share trading of S Alam Cold Rolled Steels Ltd, which was halted the previous day, resumed on the day, as the company clarified its position on the DSE query about recent unusual price hike.
"Three sponsors - two corporate and one sponsor directors of S Alam Cold Rolled Steel Mills Ltd are involved in acquisition of shares of Oman Bangladesh Leasing and Finance Ltd (OBLFL)," the company stated.
"This is exclusively in their personal capacity and is definitely not in the nature of investment of the company and thus it does not effect directly or indirectly the performance and profitability of the company," it added.
Out of 244 issues traded, 74 gained, 165 declined and five remained unchanged.
Dhaka stocks soared Monday riding on banking stocks picked up by the investors cashing in on cheap prices. However, losers outnumbered the gainers.
The benchmark index DSE General Index (DGEN) closed 39.62 points up at 2466.16, lifted by the banking stocks that previously plummeted for some time. All the top ten gainers were financial institutions.
"The investors' mood was boosted by cheaper prices of the banking shares, anticipating good return in future," said Arif Khan, deputy managing director of the IDLC Finance Ltd.
"It's a welcome move shown by the investors this morning, sending a positive signal to the market that fundamentally based stocks finally attracted them," he added.
Monday's rally of banking stocks has created a sense of relief among some of the investors because these stocks were under pressure over the years in the wake of global financial maelstrom, according to the stockbrokers.
The All Shares Price Index and DSE-20 comprising blue chip gained 29.33 points and 68.60 points to end at 2045.14 and 1910.34 respectively.
Share prices of the insurance, IT and power and energy dropped on price correction.
Share trading of S Alam Cold Rolled Steels Ltd, which was halted the previous day, resumed on the day, as the company clarified its position on the DSE query about recent unusual price hike.
"Three sponsors - two corporate and one sponsor directors of S Alam Cold Rolled Steel Mills Ltd are involved in acquisition of shares of Oman Bangladesh Leasing and Finance Ltd (OBLFL)," the company stated.
"This is exclusively in their personal capacity and is definitely not in the nature of investment of the company and thus it does not effect directly or indirectly the performance and profitability of the company," it added.
Out of 244 issues traded, 74 gained, 165 declined and five remained unchanged.