DGEN, turnover scale new peaks
Wednesday, 27 October 2010
FE Report
The largest turnover was recorded in the history of the Dhaka Stock Exchange (DSE) and the benchmark index crossed 7800-mark for the first time Tuesday, following buying spree from banks and financial institutions.
The benchmark DSE General Index (DGEN) continued to witness the record-breaking rally for the fifth straight session, registering a sharp rise of 1.0 per cent or 76.76 points to close at 7817.24.
Strong buying and selling along with continued flow of fresh fund pushed the turnover to its peak of Tk 28.37 billion, up by 21.56 per cent over the previous session. The previous high was Tk 28.0 billion on October 7.
"Positive third quarter results have been pouring in, which encouraged the investors to participate in buying," said Ahmad Rashid, managing director of Rashid Investment Services Limited.
Another positive factor was the renewed interest in banking sector ahead of their year-end closing, he explained.
Some sectors also saw price correction on profit taking, and this shuffling of scrips led to the massive turnover, said Rashid, also an ex-senior vice president of the DSE.
A merchant banker said, "It was a continuation of the bull-run that is being experienced for the last five days due largely to continued fresh fund flow."
The broader All Shares Price Index (DSI) shot up by 0.96 per cent or 62.39 points to 6497.76. The DSE-20 Index comprising blue chips rose 0.43 per cent or 19.58 points to 4475.80.
Banking issues, which make up more than one-third of the market cap, climbed 1.86 per cent, led by Uttara Bank that posted the second biggest gain of 12.87 per cent on the news of its stock-split.
Non-banking financial institutions (NBFIs) soared 0.89 per cent, followed by fuel and power 0.82 per cent, and pharmaceuticals 0.56 per cent.
The largest turnover was recorded in the history of the Dhaka Stock Exchange (DSE) and the benchmark index crossed 7800-mark for the first time Tuesday, following buying spree from banks and financial institutions.
The benchmark DSE General Index (DGEN) continued to witness the record-breaking rally for the fifth straight session, registering a sharp rise of 1.0 per cent or 76.76 points to close at 7817.24.
Strong buying and selling along with continued flow of fresh fund pushed the turnover to its peak of Tk 28.37 billion, up by 21.56 per cent over the previous session. The previous high was Tk 28.0 billion on October 7.
"Positive third quarter results have been pouring in, which encouraged the investors to participate in buying," said Ahmad Rashid, managing director of Rashid Investment Services Limited.
Another positive factor was the renewed interest in banking sector ahead of their year-end closing, he explained.
Some sectors also saw price correction on profit taking, and this shuffling of scrips led to the massive turnover, said Rashid, also an ex-senior vice president of the DSE.
A merchant banker said, "It was a continuation of the bull-run that is being experienced for the last five days due largely to continued fresh fund flow."
The broader All Shares Price Index (DSI) shot up by 0.96 per cent or 62.39 points to 6497.76. The DSE-20 Index comprising blue chips rose 0.43 per cent or 19.58 points to 4475.80.
Banking issues, which make up more than one-third of the market cap, climbed 1.86 per cent, led by Uttara Bank that posted the second biggest gain of 12.87 per cent on the news of its stock-split.
Non-banking financial institutions (NBFIs) soared 0.89 per cent, followed by fuel and power 0.82 per cent, and pharmaceuticals 0.56 per cent.