Dhaka stocks see sharp rise
Friday, 24 October 2008
FE Report
Dhaka stocks rose sharply Thursday led by insurance and bank issues after a slight rise Wednesday.
The main index at the Dhaka Stock Exchange (DSE) climbed more than 57 points just before mid session, before easing back to stand at 40.28 points until end of the trade.
All the market barometers -- the benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 comprising blue chips -- rose 40 points, 34 points and 53 points to close at 2868.11, 2376.66 and 2415.92 respectively.
After remaining unimpressive for long the bank shares began to attract the investors who taking the opportunity of lower prices moved slowly to the bank shares, helping the market push upward on the day as the bank sector accounted for more than 51 per cent of the total market capitalisation, according to the stock dealers.
The gainers took the strong lead over the losers on the day. Out of 239 issues traded, 164 advanced, 67 declined and eight remained unchanged.
Out of the low-rated Z-category 62 issues traded on the day, 40 advanced, 17 declined and five remained unchanged.
"The investors took position on the day availing the lower prices that slid for five consecutive sessions except Wednesday when the losing streak halted, also putting somewhat contribution to pulling the market up," said a stockbroker.
But the rising share prices of the worst performed Z-category companies are a matter of concern, he added. The mutual funds that saw rise on the previous day dropped on price correction.
Meanwhile, market sources said, some top merchant bankers increased their loan margin ratio on the day. AB Bank reset their margin ratio at 1:1 from previous 1:0.85, said a source.
The total turnover at the prime bourse rose to Tk 3.80 billion against Tk 3.22 billion of the previous day while the market capitalisation remained increased marginally to Tk 1.00 trillion from Tk 995.21 billion on Wednesday.
Beximco Pharma was the top turnover leader with shares worth Tk 293.13 million traded. Its share prices registered 5.55 per cent rise to close at Tk 165.20 a share.
Titas Gas, Desco, Beximco Limted, Summit Alliance Port Limited, AIMS 1st Mutual Fund, Square Pharma, Golden Son, ACI and Quasem Dry Cell were the day's turnover leaders on the day.
Bangladesh Thai Aluminum, a Z-category issue, was the biggest gainer with 16.83 per cent rise on the news that its board of directors decided to hold an extra-ordinary general meeting (EGM) of the company on November 13 on its factory premises to amend the memorandum and articles of association of the company to increase its authorised capital to Tk 1.0 billion from existing Tk 200 million.
Golden Son, AIMS First Mutual Fund, BCIL, GrameenS2 Mutual Fund, Mita Textile and Ist BSRS were the top losers on the day.
Dhaka stocks rose sharply Thursday led by insurance and bank issues after a slight rise Wednesday.
The main index at the Dhaka Stock Exchange (DSE) climbed more than 57 points just before mid session, before easing back to stand at 40.28 points until end of the trade.
All the market barometers -- the benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 comprising blue chips -- rose 40 points, 34 points and 53 points to close at 2868.11, 2376.66 and 2415.92 respectively.
After remaining unimpressive for long the bank shares began to attract the investors who taking the opportunity of lower prices moved slowly to the bank shares, helping the market push upward on the day as the bank sector accounted for more than 51 per cent of the total market capitalisation, according to the stock dealers.
The gainers took the strong lead over the losers on the day. Out of 239 issues traded, 164 advanced, 67 declined and eight remained unchanged.
Out of the low-rated Z-category 62 issues traded on the day, 40 advanced, 17 declined and five remained unchanged.
"The investors took position on the day availing the lower prices that slid for five consecutive sessions except Wednesday when the losing streak halted, also putting somewhat contribution to pulling the market up," said a stockbroker.
But the rising share prices of the worst performed Z-category companies are a matter of concern, he added. The mutual funds that saw rise on the previous day dropped on price correction.
Meanwhile, market sources said, some top merchant bankers increased their loan margin ratio on the day. AB Bank reset their margin ratio at 1:1 from previous 1:0.85, said a source.
The total turnover at the prime bourse rose to Tk 3.80 billion against Tk 3.22 billion of the previous day while the market capitalisation remained increased marginally to Tk 1.00 trillion from Tk 995.21 billion on Wednesday.
Beximco Pharma was the top turnover leader with shares worth Tk 293.13 million traded. Its share prices registered 5.55 per cent rise to close at Tk 165.20 a share.
Titas Gas, Desco, Beximco Limted, Summit Alliance Port Limited, AIMS 1st Mutual Fund, Square Pharma, Golden Son, ACI and Quasem Dry Cell were the day's turnover leaders on the day.
Bangladesh Thai Aluminum, a Z-category issue, was the biggest gainer with 16.83 per cent rise on the news that its board of directors decided to hold an extra-ordinary general meeting (EGM) of the company on November 13 on its factory premises to amend the memorandum and articles of association of the company to increase its authorised capital to Tk 1.0 billion from existing Tk 200 million.
Golden Son, AIMS First Mutual Fund, BCIL, GrameenS2 Mutual Fund, Mita Textile and Ist BSRS were the top losers on the day.