Dhaka stocks bounce back as panic subsides
Thursday, 23 July 2009
FE Report
Dhaka stocks bounced back Wednesday after three consecutive sessions of fall with a lower turnover.
The gain was led by banking, non-banking financial institutions, insurance, energy and textile issues, which declined in the last three sessions of the Dhaka Stock Exchange (DSE).
The benchmark DSE General Index (DGEN) started to go up at the very outset of the session. At the end of the day it closed at 2873.70 with a gain of 1.61 per cent or 45.62 points.
The DSE moved into the positive territory as the panic triggered by a move of the central bank subsided at last after a couple of days, bringing some investors into the market, according to analysts.
The DSE All Shares Price Index (DSI) rose 1.74 per cent or 41.35 points to finish at 2409.42 and the DSE 20 blue chip index closed at 2212.78 with a gain of 2.08 per cent or 45.11 points.
"Panic has subsided today, sending the market into the green zone," said Md Akter H Sannamat, Managing Director of Prime Finance and Investment Limited.
"Moreover, some positive developments like the market remaining ok despite the central bank's move have also left a positive impact on the trading," he added.
The investors were not in a selling mood on the day, but some of them were buying, causing a decline in the volume of trade, according to him.
The day's turnover declined to Tk 3.68 billion from the previous session's Tk 3.85 billion.
The market was jolted by the Bangladesh Bank directive asking all commercial banks to submit reports about their stock portfolios in the first week of every month, according to stock brokers.
The gainers took a strong lead over the losers as out of 234 issues traded, 198 gained, 34 declined and two remained unchanged.
The country's industrial conglomerate Beximco Ltd was the top turnover leader with shares worth Tk 247.90 million changing hands.
The state-run sole gas distribution company Titas Gas was the second top turnover leader with shares worth Tk 209.09 million traded, followed by AB Bank with Tk 202.22 million, Bextex Tk 187.31 million, DESCO Tk 146.47 million and Beximco Pharma Tk 96.74 million.
The share price of Al-Haj Textile saw the highest gain of 18.96 per cent as the news broke that the company decided to extend lay-off of its factory for 30 more days because of non-refundment of the mill's special fund by a bank. The bank also delayed review of its Cash Credit renewal.
Dhaka stocks bounced back Wednesday after three consecutive sessions of fall with a lower turnover.
The gain was led by banking, non-banking financial institutions, insurance, energy and textile issues, which declined in the last three sessions of the Dhaka Stock Exchange (DSE).
The benchmark DSE General Index (DGEN) started to go up at the very outset of the session. At the end of the day it closed at 2873.70 with a gain of 1.61 per cent or 45.62 points.
The DSE moved into the positive territory as the panic triggered by a move of the central bank subsided at last after a couple of days, bringing some investors into the market, according to analysts.
The DSE All Shares Price Index (DSI) rose 1.74 per cent or 41.35 points to finish at 2409.42 and the DSE 20 blue chip index closed at 2212.78 with a gain of 2.08 per cent or 45.11 points.
"Panic has subsided today, sending the market into the green zone," said Md Akter H Sannamat, Managing Director of Prime Finance and Investment Limited.
"Moreover, some positive developments like the market remaining ok despite the central bank's move have also left a positive impact on the trading," he added.
The investors were not in a selling mood on the day, but some of them were buying, causing a decline in the volume of trade, according to him.
The day's turnover declined to Tk 3.68 billion from the previous session's Tk 3.85 billion.
The market was jolted by the Bangladesh Bank directive asking all commercial banks to submit reports about their stock portfolios in the first week of every month, according to stock brokers.
The gainers took a strong lead over the losers as out of 234 issues traded, 198 gained, 34 declined and two remained unchanged.
The country's industrial conglomerate Beximco Ltd was the top turnover leader with shares worth Tk 247.90 million changing hands.
The state-run sole gas distribution company Titas Gas was the second top turnover leader with shares worth Tk 209.09 million traded, followed by AB Bank with Tk 202.22 million, Bextex Tk 187.31 million, DESCO Tk 146.47 million and Beximco Pharma Tk 96.74 million.
The share price of Al-Haj Textile saw the highest gain of 18.96 per cent as the news broke that the company decided to extend lay-off of its factory for 30 more days because of non-refundment of the mill's special fund by a bank. The bank also delayed review of its Cash Credit renewal.