Energy, non-demated scrips push up DSE
Monday, 28 September 2009
FE Report
Dhaka stocks edged higher Sunday led by energy and non-demated shares, as trading resumed after a nine-day Eid holidays.
The market gained 20 points in the first five minutes, but oscillated between gains and losses as the day wore on. The benchmark DGEN index closed at 3075.06, adding 16.26 points or 0.53 percent.
The broader All Shares Price Index (DSI) moved up 13.14 points or 0.51 per cent to end at 2583.34. The DSE-20 blue chip index was up by 3.26 points or 0.15 per cent to finish at 2166.40.
Trading at the Dhaka Stock Exchange (DSE) will remain closed today (Monday) on the occasion of Bijoya-Dashami, the last day of the largest Hindu festival of Durgapuja.
Brokers said energy, power and 'paper' issues pushed the index up in what could have been flat trading day following the long Eid hangover.
Investors bought shares of the companies, which have not yet turned their scrips into electronic ones, after the Securities and Exchange Commission set December the deadline to convert these stocks, said Zahirul Islam, owner of Prilink Securities.
"Companies with paper i.e. non-demated shares usually see fewer trading and less values because these stocks cause unnecessary hassles for the investors," Islam said.
"But now that the companies must turn these paper shares into electronics by December this year, investors find them attractive and are buying them in droves," he added.
Energy shares, particularly state-owned gas distribution company, Titas, performed better-than-average after Petrobangla announced a two trillion cubic feet extra gas reserve at Chevron-operated Bibiyana gas field.
Titas notched up by 2.60 per cent to close at Tk 688.75 a share, making it top turnover leader with stocks worth Tk 587.13 million traded.
It was followed by Summit Alliance Port Ltd, Fu-Wang Ceramic, Summit Power, Beximco Ltd, Keya Cosmetics, Navana CNG and AIMS First Mutual Fund.
Total turnover, however, fell to Tk 4.9 billion, down 16 per cent over the previous session. Gainers outnumbered the losers marginally as out of 237 issues traded, 127 gained, 109 declined and one remained unchanged.
Banks, the bellwether of the market, retreated from the previous day's gain. The non-banking financial institutions (NBFIs) and mutual funds ended mixed after gains in the past two days.
Most of the insurance companies and all subsidiaries of the Beximco Group declined.
Majority of the pharmaceuticals companies gained. Square Pharma, GlaxoSmithKline, Reckitt Benckiser and Renata were the major gainers among this sector.
Imam Button, Dafodil Computers, Bangas, Berger Paints Bangladesh Ltd, Miracle Industries, Keya Cosmetics and Fu-Wang Ceramic were the other major gainers.
Modern Dyeing, Monno Jutex, Metro Spinning, Popular Life Insurance, Monno Stafflers and Mercantile Bank were the top losers on the day.
Dhaka stocks edged higher Sunday led by energy and non-demated shares, as trading resumed after a nine-day Eid holidays.
The market gained 20 points in the first five minutes, but oscillated between gains and losses as the day wore on. The benchmark DGEN index closed at 3075.06, adding 16.26 points or 0.53 percent.
The broader All Shares Price Index (DSI) moved up 13.14 points or 0.51 per cent to end at 2583.34. The DSE-20 blue chip index was up by 3.26 points or 0.15 per cent to finish at 2166.40.
Trading at the Dhaka Stock Exchange (DSE) will remain closed today (Monday) on the occasion of Bijoya-Dashami, the last day of the largest Hindu festival of Durgapuja.
Brokers said energy, power and 'paper' issues pushed the index up in what could have been flat trading day following the long Eid hangover.
Investors bought shares of the companies, which have not yet turned their scrips into electronic ones, after the Securities and Exchange Commission set December the deadline to convert these stocks, said Zahirul Islam, owner of Prilink Securities.
"Companies with paper i.e. non-demated shares usually see fewer trading and less values because these stocks cause unnecessary hassles for the investors," Islam said.
"But now that the companies must turn these paper shares into electronics by December this year, investors find them attractive and are buying them in droves," he added.
Energy shares, particularly state-owned gas distribution company, Titas, performed better-than-average after Petrobangla announced a two trillion cubic feet extra gas reserve at Chevron-operated Bibiyana gas field.
Titas notched up by 2.60 per cent to close at Tk 688.75 a share, making it top turnover leader with stocks worth Tk 587.13 million traded.
It was followed by Summit Alliance Port Ltd, Fu-Wang Ceramic, Summit Power, Beximco Ltd, Keya Cosmetics, Navana CNG and AIMS First Mutual Fund.
Total turnover, however, fell to Tk 4.9 billion, down 16 per cent over the previous session. Gainers outnumbered the losers marginally as out of 237 issues traded, 127 gained, 109 declined and one remained unchanged.
Banks, the bellwether of the market, retreated from the previous day's gain. The non-banking financial institutions (NBFIs) and mutual funds ended mixed after gains in the past two days.
Most of the insurance companies and all subsidiaries of the Beximco Group declined.
Majority of the pharmaceuticals companies gained. Square Pharma, GlaxoSmithKline, Reckitt Benckiser and Renata were the major gainers among this sector.
Imam Button, Dafodil Computers, Bangas, Berger Paints Bangladesh Ltd, Miracle Industries, Keya Cosmetics and Fu-Wang Ceramic were the other major gainers.
Modern Dyeing, Monno Jutex, Metro Spinning, Popular Life Insurance, Monno Stafflers and Mercantile Bank were the top losers on the day.