Dhaka stocks bounce back
Friday, 1 February 2008
FE Report
Dhaka stocks cranked back into gear Thursday, recovering losses of the four straight days as the investors pinned their hopes on netting facility reintroduced by the market regulator.
The Dhaka Stock Exchange General Index (DGEN) rose to second highest single-day rise gaining 95 points or 3.38 per cent since November 26 last year when the main index DGEN recorded more than 127 points.
The investors cheered the Securities and Exchange Commission (SEC) decision to reintroduce netting or financial adjustment facility for all groups except Z effective from coming Sunday, thus reversing the direction towards gain, according to the market operators.
The indices saw steep rise from the very outset of the trading and slightly dropped in midday but then it started to climb up again.
The indices-- benchmark DGEN, All Shares Price Index (DSI) and DSE-20 Index (DS20) - climbed 95.21 points, 75.42 points and 77.69 points to close at 2907.16, 2449.44 and 2359.58 respectively.
Dominated by gainers, the total turnover also rose to Tk 1.68 billion from the previous day's 1.65 billion on the back of hefty transaction in shares of Grameen One, AB Bank and BRAC Bank.
The market capitalisation rose to Tk 782.59 billion from Tk 762.86 billion as well. Out of 236 issues traded on the day, 174 advanced, 52 declined and 12 remained unchanged.
"The traders made a comeback to the market and bought shares hoping to make profit in the future because of reintroduction of netting facility,' said an analyst.
He also said the commission's move also eased tension of investors, who were frustrated with the continuous share prices fall due to liquidity crisis.
Meanwhile, the DSE and Chittagong Stock Exchange(CSE) halted trading of the shares of United Commercial Bank over the bank's annual general meeting(AGM) related issues, said officials.
'We have halted the trading of the shares of UCB temporarily and asked the bank to provide us necessary information on the status of its AGM held today (Thursday),' said Salahuddin Ahmed Khan, chief executive officer of the DSE.
He said the bourse would take its next course of actions after hearing from the bank.
Share prices of the Grameen One mutual fund gained by 8.59 per cent to close at Tk 106.10 per share and bagged the top turnover leader position with shares worth Tk 154.43 million traded.
AB Bank was the second turnover leader shares with Tk 135.13 million, followed by BRAC Bank with Tk 109.17 million, Jamuna Oil Tk 107.86 million and Summit Power Tk 99.98 million traded on the day.
Chittagong Stock Exchange's selective categories index gained 155.04 points or 3.34 per cent to close at 4793.08, while its blue chips index, CSE30, advanced by 219.62 points or 3.38 per cent to close at 6710.70.
Dhaka stocks cranked back into gear Thursday, recovering losses of the four straight days as the investors pinned their hopes on netting facility reintroduced by the market regulator.
The Dhaka Stock Exchange General Index (DGEN) rose to second highest single-day rise gaining 95 points or 3.38 per cent since November 26 last year when the main index DGEN recorded more than 127 points.
The investors cheered the Securities and Exchange Commission (SEC) decision to reintroduce netting or financial adjustment facility for all groups except Z effective from coming Sunday, thus reversing the direction towards gain, according to the market operators.
The indices saw steep rise from the very outset of the trading and slightly dropped in midday but then it started to climb up again.
The indices-- benchmark DGEN, All Shares Price Index (DSI) and DSE-20 Index (DS20) - climbed 95.21 points, 75.42 points and 77.69 points to close at 2907.16, 2449.44 and 2359.58 respectively.
Dominated by gainers, the total turnover also rose to Tk 1.68 billion from the previous day's 1.65 billion on the back of hefty transaction in shares of Grameen One, AB Bank and BRAC Bank.
The market capitalisation rose to Tk 782.59 billion from Tk 762.86 billion as well. Out of 236 issues traded on the day, 174 advanced, 52 declined and 12 remained unchanged.
"The traders made a comeback to the market and bought shares hoping to make profit in the future because of reintroduction of netting facility,' said an analyst.
He also said the commission's move also eased tension of investors, who were frustrated with the continuous share prices fall due to liquidity crisis.
Meanwhile, the DSE and Chittagong Stock Exchange(CSE) halted trading of the shares of United Commercial Bank over the bank's annual general meeting(AGM) related issues, said officials.
'We have halted the trading of the shares of UCB temporarily and asked the bank to provide us necessary information on the status of its AGM held today (Thursday),' said Salahuddin Ahmed Khan, chief executive officer of the DSE.
He said the bourse would take its next course of actions after hearing from the bank.
Share prices of the Grameen One mutual fund gained by 8.59 per cent to close at Tk 106.10 per share and bagged the top turnover leader position with shares worth Tk 154.43 million traded.
AB Bank was the second turnover leader shares with Tk 135.13 million, followed by BRAC Bank with Tk 109.17 million, Jamuna Oil Tk 107.86 million and Summit Power Tk 99.98 million traded on the day.
Chittagong Stock Exchange's selective categories index gained 155.04 points or 3.34 per cent to close at 4793.08, while its blue chips index, CSE30, advanced by 219.62 points or 3.38 per cent to close at 6710.70.