Dhaka stocks shoot up
Wednesday, 5 November 2008
FE Report
Dhaka stocks saw steep rise Tuesday on expectation that the securities regulator might take steps to boost investor confidence rattled by the continuous slide of the market.
Trading at the Dhaka Stock Exchange (DSE) opened on a positive note at the very outset, pushing the benchmark index up more than 122 points one hour before close of the trade.
Later, it began to shed points as the investors sold their shares thinking that the gain might not sustain.
The benchmark DSE General Index (DGEN) rose 86.60 points, its biggest single-day rise in more than two months, to close at 2720.42. The two other market barometers-- All Shares Price Index (DSI) and DSE-20 blue chip index-climbed 68.35 points and 50.52 points up to finish at 2253.81 and 2318.45 respectively.
The gainers, led by banking issues that had remained unimpressive for long, took a strong lead over the losers. Out of 228 issues traded, 192 advanced, 30 declined and six remained unchanged.
The market moved into the positive territory as the investors expressed hope that some positive steps might be taken in the meeting of Securities and Exchange Commission (SEC), stock exchanges and market intermediaries held on the day, according to market operators.
"Most of the investors resorted to a wait and see policy on the day, which was reflected in the low turnover," a stockbroker said.
The day's total turnover came down to Tk 2.11 billion (211 crore), the lowest in three months, from the previous day's Tk 2.28 billion while the market capitalisation rose to Tk 976.05 billion from Tk 952.83 billion of the previous day.
Beximco Pharma was the turnover leader with shares worth Tk 193.44 million traded.
The next other turnover leaders on the day were Uttara Bank, Titas Gas, Beximco Limited, Lankabangla Finance Limited, AB Bank, Islami Bank, ACI Limited, Square Pharma and AB Bank.
Gulf Foods was the top gainer posting a rise of 20.00 per cent on the news that the board of directors of the company recommended four per cent cash dividend for the year 2007- 2008.
Glaxo SmithKline, Agrani Insurance, National Tubes, Tulip Dairy, BRAC Bank, Mithun Knitting, City Bank, Dutch-Bangla Bank and Trust Bank were the next other top gainers.
Dhaka stocks saw steep rise Tuesday on expectation that the securities regulator might take steps to boost investor confidence rattled by the continuous slide of the market.
Trading at the Dhaka Stock Exchange (DSE) opened on a positive note at the very outset, pushing the benchmark index up more than 122 points one hour before close of the trade.
Later, it began to shed points as the investors sold their shares thinking that the gain might not sustain.
The benchmark DSE General Index (DGEN) rose 86.60 points, its biggest single-day rise in more than two months, to close at 2720.42. The two other market barometers-- All Shares Price Index (DSI) and DSE-20 blue chip index-climbed 68.35 points and 50.52 points up to finish at 2253.81 and 2318.45 respectively.
The gainers, led by banking issues that had remained unimpressive for long, took a strong lead over the losers. Out of 228 issues traded, 192 advanced, 30 declined and six remained unchanged.
The market moved into the positive territory as the investors expressed hope that some positive steps might be taken in the meeting of Securities and Exchange Commission (SEC), stock exchanges and market intermediaries held on the day, according to market operators.
"Most of the investors resorted to a wait and see policy on the day, which was reflected in the low turnover," a stockbroker said.
The day's total turnover came down to Tk 2.11 billion (211 crore), the lowest in three months, from the previous day's Tk 2.28 billion while the market capitalisation rose to Tk 976.05 billion from Tk 952.83 billion of the previous day.
Beximco Pharma was the turnover leader with shares worth Tk 193.44 million traded.
The next other turnover leaders on the day were Uttara Bank, Titas Gas, Beximco Limited, Lankabangla Finance Limited, AB Bank, Islami Bank, ACI Limited, Square Pharma and AB Bank.
Gulf Foods was the top gainer posting a rise of 20.00 per cent on the news that the board of directors of the company recommended four per cent cash dividend for the year 2007- 2008.
Glaxo SmithKline, Agrani Insurance, National Tubes, Tulip Dairy, BRAC Bank, Mithun Knitting, City Bank, Dutch-Bangla Bank and Trust Bank were the next other top gainers.