Bullish mood in DSE continues unabated
Saturday, 9 October 2010
FE Report
The Dhaka Stock Exchange (DSE) continued to witness bullish mood for the third straight week that ended Thursday, setting new records both in indices and turnover due mainly to fresh fund inflow.
The benchmark index DSE General Index (DGEN) crossed 7400-mark for the first time in the week, ending at 7480.34, which was a new mark, with steepest rise of 5.40 per cent or 382.95 points.
The broader All Shares Price Index (DSI) shot up by 4.94 per cent or 293.23 points to 6224.14. The DSE-20 comprising blue chip rose 6.51 per cent or 269.21 points to finish at 4407.14.
The market saw upswing throughout the week, pushing the indices to gain for the 11th straight session, their longest winning streak in 10 months, defying securities regulator's various measures to cool the overheated market.
The daily average turnover also increased by 12 per cent to Tk 24.72 billion over the previous week.
On the closing day of the week Thursday, turnover clocked at Tk 28.0 billion, which was an all time high. The previous highest turnover was Tk 24.89 billion recorded on October 3 last.
"Fresh fund flow took both the indices and turnover to a new height," said a merchant banker. "This was also a continuation of a bull-run that was being experienced for the last several weeks," he added.
He said the market, however, looks extremely overbought and technical correction is long over due.
Out of 251 issues traded, 152 advanced, 93 declined, three remained unchanged and three were not traded.
Apex Weaving was the week's top loser posting a fall of 40.95 per cent as the Securities and Exchange Commission (SEC) directed the DSE to put four companies, including Apex Weaving, on the Over-the-Counter (OTC) market from October 20.
The week's other prominent losers were Monno Fabrics, Al-Arafah Islami Bank, Golden Son, Anwar Galvanizing, Savar Refractories, Dhaka Fisheries, Imam Button, Aziz Pipes and Meghna Pet.
AIMS First Mutual Fund was the week's highest gainer as the High Court Tuesday rejected SEC's refusal to allow issuance of bonus and rights shares by the Fund.
It was followed by Prime Insurance, Apex Spinning, Continental Insurance, First Security Islami Bank Limited, Ambee Pharma, Reliance Insurance, Agrani Insurance, Pioneer Insurance and Paramount Insurance.
The week's turnover leaders were People's Leasing, BSRM Steels Limited, Prime Finance, Square Pharmaceuticals, Beximco Ltd, Premier Bank, Titas Gas, Exim Bank, Summit Power and Lankabangla Finance Company.
The Dhaka Stock Exchange (DSE) continued to witness bullish mood for the third straight week that ended Thursday, setting new records both in indices and turnover due mainly to fresh fund inflow.
The benchmark index DSE General Index (DGEN) crossed 7400-mark for the first time in the week, ending at 7480.34, which was a new mark, with steepest rise of 5.40 per cent or 382.95 points.
The broader All Shares Price Index (DSI) shot up by 4.94 per cent or 293.23 points to 6224.14. The DSE-20 comprising blue chip rose 6.51 per cent or 269.21 points to finish at 4407.14.
The market saw upswing throughout the week, pushing the indices to gain for the 11th straight session, their longest winning streak in 10 months, defying securities regulator's various measures to cool the overheated market.
The daily average turnover also increased by 12 per cent to Tk 24.72 billion over the previous week.
On the closing day of the week Thursday, turnover clocked at Tk 28.0 billion, which was an all time high. The previous highest turnover was Tk 24.89 billion recorded on October 3 last.
"Fresh fund flow took both the indices and turnover to a new height," said a merchant banker. "This was also a continuation of a bull-run that was being experienced for the last several weeks," he added.
He said the market, however, looks extremely overbought and technical correction is long over due.
Out of 251 issues traded, 152 advanced, 93 declined, three remained unchanged and three were not traded.
Apex Weaving was the week's top loser posting a fall of 40.95 per cent as the Securities and Exchange Commission (SEC) directed the DSE to put four companies, including Apex Weaving, on the Over-the-Counter (OTC) market from October 20.
The week's other prominent losers were Monno Fabrics, Al-Arafah Islami Bank, Golden Son, Anwar Galvanizing, Savar Refractories, Dhaka Fisheries, Imam Button, Aziz Pipes and Meghna Pet.
AIMS First Mutual Fund was the week's highest gainer as the High Court Tuesday rejected SEC's refusal to allow issuance of bonus and rights shares by the Fund.
It was followed by Prime Insurance, Apex Spinning, Continental Insurance, First Security Islami Bank Limited, Ambee Pharma, Reliance Insurance, Agrani Insurance, Pioneer Insurance and Paramount Insurance.
The week's turnover leaders were People's Leasing, BSRM Steels Limited, Prime Finance, Square Pharmaceuticals, Beximco Ltd, Premier Bank, Titas Gas, Exim Bank, Summit Power and Lankabangla Finance Company.