DSE turnover crosses Tk 8.0 billion-mark

FE Report Turnover on the Dhaka Stock Exchange (DSE) crossed Tk 8.0 billion-mark Tuesday which was the highest in almost four months and DGEN soared more than five per cent. Total turnover value stood at Tk 8.03 billion in value term, up by 54.72 per cent, compared to Tk 5.19 billion in the previous session. On August 1, the turnover value was Tk 10.05 billion. "Turnover on the DSE hit almost four-month high on the day, as increasing investors' participation fuelled trade volume up," commented a market insider. The market shot up by almost 200 points during the first five minutes of trading and continued to ascent higher on aggressive buying until the end of the session and finally ended the day 274 points higher. The benchmark general index of the DSE, the main gauge of the market, climbed 274.27 points or 5.15 per cent to close at 5,596.96. In the last fifth consecutive sessions, the DSE General Index (DGEN) surged more than 948 points or 19.43 per cent. The broader DSE All Shares Price Index (DSI) went up by 222.54 points or 4.98 per cent to close at 4,687.35. The DSE-20 blue-chip index advanced 133.48 points or 3.40 per cent to close at 4,053.51. A stock broker said, "Investors regained their confidence and went for fresh buying, as some decisions taken at the Prime Minister's meeting Wednesday, has already been come to light." The market got added impetus following the DSE board's eight-point recommendation which included holding of minimum 30 per cent shares of all the listed companies mandatory for sponsorsdirectors, said a stock broker. "Stocks of the companies where the sponsorsdirectors hold shares below 30 per cent dominated the trade, as all of them ended hitting the upper limit of the circuit breaker," he said. The National Board of Revenue (NBR)'s formal circular which stated no questions will be raised by the government agencies on source of undisclosed money to be invested in the stock market boosted the investors' confidence further. Meanwhile, the Securities and Exchange Commission (SEC) set to announce the complete package today (Wednesday) evening at its office to rejuvenate the country's stock market. All this positive news made investors more optimistic and they went for fresh buying, hoping stable situation in the coming days, said a merchant banker. However, a market insider said, "The small investors are eagerly waiting to see what include the package and whether it will protect their interests and help recoup their losses." Prices of almost all share traded on the advanced, as out of 258 issues traded, 250 advanced, only eight declined. A total of 119.18 million shares changed hands on the day against 73.34 million in the previous session. The trade deals also increased to 187,204 against Monday's 148,543. Total market capitalisation of the DSE increased to Tk 2,749.62 billion against Tk 2,643.72 billion in the previous session. All sectors ended in deep green, as buy pressure witnessed all across the board. Among the major sectors, banks, NBFIs and telecommunications gained 5.17 per cent, 6.85 per cent and 4.99 per cent respectively. Grameenphone (GP) topped the turnover chart with shares worth Tk 300.72 million changed hands. The other turnover leaders were Social Islami Bank, Beximco Limited, Mercantile Bank, National Bank, Beximco Pharma, Lafarge Surma Cement, UCBL, Titas Gas and Summit Power. Peoples Leasing was the day's highest gainer posting a rise of 10 per cent. It was followed by Union Capital, Confidence Cement, BGIC, Federal Insurance, Malek Spinning, Grameen One, Meghna Cement, KPCL and Eastern Bank. There were only eight issues that lost in prices. They were Fifth ICB, Second ICB, Beacon Pharma, Desh Garment, Delta Life Insurance, Reckitt Benckiser, Tallu Spinning and Bata Shoe.