Banks keep Dhaka stocks afloat
Saturday, 1 May 2010
FE Report
Dhaka stocks moved up slightly in volatile trading in the past week that ended Thursday.
The benchmark Dhaka Stock Exchange (DSE) General Index (DGEN) gained 39.59 points or 0.70 per cent to close at 5654.88, lifted mainly by banking stocks.
But the week's gain was much slower than the previous week as the market was jittery, caused by the news that there might be fixation of minimum face value and imposition of gains tax.
The broader All-shares Price Index (DSI) rose 25 points or 0.54 per cent to 4641.54 while the DSE-20 blue chip index ended 60.45 points or 2.03 per cent higher to 3039.17.
The market saw high volatility as investors were edgy due to conflicting remarks made by policymakers, dealers said.
"National Board of Revenue and the parliamentary standing committee on finance have made contradictory comments on imposition of fresh taxes in share profits, leading to uncertainty in the market," said a stockbroker.
Banking issues --one-fourth of DSE's market cap -- witnessed buying interest after the finance minister hinted that face value of listed companies might be set at Tk 10.
Talking to the FE earlier, Chairman of the Securities and Exchange Commission Ziaul Haque Khondker said, "It is better to leave the issue of face value to the company."
Out of 267 issues traded, 142 ended positive, 111 negative, three remained unchanged and 11 were not traded.
Average turnover for the closing week was Tk 13.48 billion, up by 26 per cent over the previous week's Tk 10.7 billion.
Beximco Ltd, the flagship company of industrial conglomerate Beximco Group, topped the turnover leader for the third week in a row with shares worth Tk 4.93 billion traded.
Other week's turnover leaders were Summit Power, EXIM Bank, LankaBangla Finance, DESCO, Beximco Pharma, Social Islamic Bank, Titas Gas and Premier Bank.
Kohinoor Chemicals was the week's biggest gainer with a rise of 34.29 per cent.
Rahima Food came in second as it posted a gain of 31.02 per cent after it announced to restart its normal production very soon with its own imported raw materials. But the company thinks this might not bring significant impact on its profitability.
The two were followed by Gemini Sea Food, Dhaka Insurance, MIDAS Finance, Pragati Insurance, Libra Infusions, Eastern Bank, Glaxo SmithKline and Samorita Hospital.
Bay Leasing and Investment, Grameen One: Scheme Two Mutual Fund¸ Keya Cosmetics, Keya Detergent, Quasem Drycells, Lafarge Surma Cement, Metro Spinning, Legacy Footwear, Apex Adelchi Footwear and Chittagong Vegetable were the major losers during the week.
Dhaka stocks moved up slightly in volatile trading in the past week that ended Thursday.
The benchmark Dhaka Stock Exchange (DSE) General Index (DGEN) gained 39.59 points or 0.70 per cent to close at 5654.88, lifted mainly by banking stocks.
But the week's gain was much slower than the previous week as the market was jittery, caused by the news that there might be fixation of minimum face value and imposition of gains tax.
The broader All-shares Price Index (DSI) rose 25 points or 0.54 per cent to 4641.54 while the DSE-20 blue chip index ended 60.45 points or 2.03 per cent higher to 3039.17.
The market saw high volatility as investors were edgy due to conflicting remarks made by policymakers, dealers said.
"National Board of Revenue and the parliamentary standing committee on finance have made contradictory comments on imposition of fresh taxes in share profits, leading to uncertainty in the market," said a stockbroker.
Banking issues --one-fourth of DSE's market cap -- witnessed buying interest after the finance minister hinted that face value of listed companies might be set at Tk 10.
Talking to the FE earlier, Chairman of the Securities and Exchange Commission Ziaul Haque Khondker said, "It is better to leave the issue of face value to the company."
Out of 267 issues traded, 142 ended positive, 111 negative, three remained unchanged and 11 were not traded.
Average turnover for the closing week was Tk 13.48 billion, up by 26 per cent over the previous week's Tk 10.7 billion.
Beximco Ltd, the flagship company of industrial conglomerate Beximco Group, topped the turnover leader for the third week in a row with shares worth Tk 4.93 billion traded.
Other week's turnover leaders were Summit Power, EXIM Bank, LankaBangla Finance, DESCO, Beximco Pharma, Social Islamic Bank, Titas Gas and Premier Bank.
Kohinoor Chemicals was the week's biggest gainer with a rise of 34.29 per cent.
Rahima Food came in second as it posted a gain of 31.02 per cent after it announced to restart its normal production very soon with its own imported raw materials. But the company thinks this might not bring significant impact on its profitability.
The two were followed by Gemini Sea Food, Dhaka Insurance, MIDAS Finance, Pragati Insurance, Libra Infusions, Eastern Bank, Glaxo SmithKline and Samorita Hospital.
Bay Leasing and Investment, Grameen One: Scheme Two Mutual Fund¸ Keya Cosmetics, Keya Detergent, Quasem Drycells, Lafarge Surma Cement, Metro Spinning, Legacy Footwear, Apex Adelchi Footwear and Chittagong Vegetable were the major losers during the week.