Dhaka stocks bounce back with 2-month single-day rise
Friday, 15 January 2010
FE Report
Dhaka stocks bounced back Thursday, moving up nearly 3.0 per cent, a two-month single-day rise, after the securities regulator clarified that it did not intervene the market.
The market saw the sharpest rise in the way it declined on the previous day (Wednesday) on the speculation that the Securities and Exchange Commission (SEC) might suspend netting facility though the SEC officials later confirmed that it was bogus.
On Thursday, the benchmark DSE General Index (DGEN) posted a sharp rise of 133.90 points or 2.84 per cent to settle at 4838.05, which is a fresh high on aggressive buying of financials, telecommunication and power stocks.
This was the biggest rally since November 16, when it gained 764 points on debut of Grameenphone, the country's largest mobile operator and most weighted shares in the DSE.
The DGEN plummeted more than 90 points Wednesday.
Broader All Shares Price Index (DSI) also spurted by 108.34 points or 2.79 per cent to close at 4000.79, while DSE 20 comprising blue chip index gained 40.67 points or 1.49 per cent to end at 2762.85.
"The market responded well to the previous day's blood bath," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
"The trickery played by some vested quarters on the previous day was unveiled to the investors after the securities regulator's clarification," he said.
Buying spree pushed the market to rise across the board, as out of 237 issues traded, 223 advanced, 13 lost and one remained unchanged. However, the turnover decreased to Tk 10.72 billion from the previous session's all time high Tk 14.38 billion.
All sectors closed in the positive terrain. Telecommunication sector gained 5.22 per cent, banks 1.19 per cent, mutual funds 2.25 per cent, pharmaceuticals 1.48 per cent, and energy sector 2.38 per cent.
Grameenphone was the top turnover leader with shares worth Tk 731.02 million traded. It was followed by Jamuna Oil Company, Beximco Ltd, Meghna Petroleum, Lanka Bangla Finance, Power Grid, Maksons Spinning, AB Bank and DESCO.
Mithun Knitting, Fu Wang Food, Summit Alliance Port Ltd, ICB, Aramit, Eastland Insurance, Meghna Petroleum, Beach Hatchery, Asia Insurance and Rahim Textile were the major gainers.
Dhaka stocks bounced back Thursday, moving up nearly 3.0 per cent, a two-month single-day rise, after the securities regulator clarified that it did not intervene the market.
The market saw the sharpest rise in the way it declined on the previous day (Wednesday) on the speculation that the Securities and Exchange Commission (SEC) might suspend netting facility though the SEC officials later confirmed that it was bogus.
On Thursday, the benchmark DSE General Index (DGEN) posted a sharp rise of 133.90 points or 2.84 per cent to settle at 4838.05, which is a fresh high on aggressive buying of financials, telecommunication and power stocks.
This was the biggest rally since November 16, when it gained 764 points on debut of Grameenphone, the country's largest mobile operator and most weighted shares in the DSE.
The DGEN plummeted more than 90 points Wednesday.
Broader All Shares Price Index (DSI) also spurted by 108.34 points or 2.79 per cent to close at 4000.79, while DSE 20 comprising blue chip index gained 40.67 points or 1.49 per cent to end at 2762.85.
"The market responded well to the previous day's blood bath," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
"The trickery played by some vested quarters on the previous day was unveiled to the investors after the securities regulator's clarification," he said.
Buying spree pushed the market to rise across the board, as out of 237 issues traded, 223 advanced, 13 lost and one remained unchanged. However, the turnover decreased to Tk 10.72 billion from the previous session's all time high Tk 14.38 billion.
All sectors closed in the positive terrain. Telecommunication sector gained 5.22 per cent, banks 1.19 per cent, mutual funds 2.25 per cent, pharmaceuticals 1.48 per cent, and energy sector 2.38 per cent.
Grameenphone was the top turnover leader with shares worth Tk 731.02 million traded. It was followed by Jamuna Oil Company, Beximco Ltd, Meghna Petroleum, Lanka Bangla Finance, Power Grid, Maksons Spinning, AB Bank and DESCO.
Mithun Knitting, Fu Wang Food, Summit Alliance Port Ltd, ICB, Aramit, Eastland Insurance, Meghna Petroleum, Beach Hatchery, Asia Insurance and Rahim Textile were the major gainers.