Dhaka stocks see 2nd straight week of bullish trend
Tuesday, 1 December 2009
FE Report
The Dhaka Stock Exchange (DSE) witnessed a bullish trend for the second straight week last week, spurred by financials and insurers, just before start of the four-day recess to celebrate the Eid-ul Azha festival.
Trading at the prime bourse of the country resumes today (Tuesday) after the recess.
However, in the week that ended on Thursday last, the benchmark DSE General Index (DGEN) closed at a record high of 4,380.95, up by 236.20 points or 5.70 per cent.
The broader DSE All Shares Price Index (DSI) advanced 196.04 points or 5.70 per cent to close at 3,632.40. The DSE-20 blue chip index rose 148.97 points or 6.30 per cent to 2,513.53.
The market gained throughout the whole week without falling in any of the sessions.
Dealers said the 'under-valued' banking sector was behind the bullish trend, though the market was gripped by the Eid holiday fever.
The shares of insurance companies also were in high demand in the wake of a key parliamentary body decision to table the proposed Insurance Bill in the next session of the parliament.
The new bill proposes sweeping changes in the laws enacted for the country's 60-plus insurance companies. The changes include raising the paid-up capital of an insurance company, life or general, by two-three times.
Shares in all the sectors, except mutual fund, soared in the week. Banks continued to march ahead, as the whole sector gained 10.64 per cent while the general insurance sector posted the biggest gain, advancing by 11.49 per cent.
The country's telecom giant Grameenphone, which edged higher by 9.76 per cent, also played a part in taking the market to a new height.
Life insurance companies rose 7.35 per cent, pharmaceuticals 3.76 per cent, cement issues 5.50 per cent, tannery 2.05 per cent, energy 0.69 per cent, and non-banking financial institutions (NBFIs) 1.22 per cent.
Mutual funds went down by 0.66 per cent during the week.
The week's daily average turnover increased sharply to Tk 9.20 billion, up by 14.27 per cent from the previous week's Tk 8.05 billion.
Gainers beat losers as out of 256 issues, 188 moved into the positive territory, 53 ended in the red, one remained unchanged and 14 were not traded.
Beximco Ltd, the flagship company of the industrial conglomerate Beximco Group, was the top turnover leader with shares worth Tk 2.35 billion traded.
Social Islamic Bank Ltd, AB Bank, Titas Gas, Square Pharma, Jamuna Oil, Grameenphone, Pubali Bank, Bextex Limited, Summit Power were the next other turnover leaders.
The week's major gainers were Pubali Bank, Dulamia Cotton, Apex Spinning, City Bank, Pioneer Insurance, Phoenix Insurance, Metro Spinning, Asia Pacific Gen Ins, Eastern Insurance and Paramount Insurance.
The Dhaka Stock Exchange (DSE) witnessed a bullish trend for the second straight week last week, spurred by financials and insurers, just before start of the four-day recess to celebrate the Eid-ul Azha festival.
Trading at the prime bourse of the country resumes today (Tuesday) after the recess.
However, in the week that ended on Thursday last, the benchmark DSE General Index (DGEN) closed at a record high of 4,380.95, up by 236.20 points or 5.70 per cent.
The broader DSE All Shares Price Index (DSI) advanced 196.04 points or 5.70 per cent to close at 3,632.40. The DSE-20 blue chip index rose 148.97 points or 6.30 per cent to 2,513.53.
The market gained throughout the whole week without falling in any of the sessions.
Dealers said the 'under-valued' banking sector was behind the bullish trend, though the market was gripped by the Eid holiday fever.
The shares of insurance companies also were in high demand in the wake of a key parliamentary body decision to table the proposed Insurance Bill in the next session of the parliament.
The new bill proposes sweeping changes in the laws enacted for the country's 60-plus insurance companies. The changes include raising the paid-up capital of an insurance company, life or general, by two-three times.
Shares in all the sectors, except mutual fund, soared in the week. Banks continued to march ahead, as the whole sector gained 10.64 per cent while the general insurance sector posted the biggest gain, advancing by 11.49 per cent.
The country's telecom giant Grameenphone, which edged higher by 9.76 per cent, also played a part in taking the market to a new height.
Life insurance companies rose 7.35 per cent, pharmaceuticals 3.76 per cent, cement issues 5.50 per cent, tannery 2.05 per cent, energy 0.69 per cent, and non-banking financial institutions (NBFIs) 1.22 per cent.
Mutual funds went down by 0.66 per cent during the week.
The week's daily average turnover increased sharply to Tk 9.20 billion, up by 14.27 per cent from the previous week's Tk 8.05 billion.
Gainers beat losers as out of 256 issues, 188 moved into the positive territory, 53 ended in the red, one remained unchanged and 14 were not traded.
Beximco Ltd, the flagship company of the industrial conglomerate Beximco Group, was the top turnover leader with shares worth Tk 2.35 billion traded.
Social Islamic Bank Ltd, AB Bank, Titas Gas, Square Pharma, Jamuna Oil, Grameenphone, Pubali Bank, Bextex Limited, Summit Power were the next other turnover leaders.
The week's major gainers were Pubali Bank, Dulamia Cotton, Apex Spinning, City Bank, Pioneer Insurance, Phoenix Insurance, Metro Spinning, Asia Pacific Gen Ins, Eastern Insurance and Paramount Insurance.