GP pulls up Dhaka stocks
Friday, 25 December 2009
FE Report
Dhaka stocks made marginal gain amid volatile trading Thursday, lifted by the country's largest mobile operator, Grameenphone.
The market saw a roller-coaster ride, going up and down thorough out the session. It recovered in the final minutes spurred by late gains by Grameenphone.
The benchmark DSE General Index (DGEN) closed at 4429.18 with a meager increase of 1.11 points or 0.02 per cent.
The broader DSE All Shares Price Index (DSI) shed 6.30 points or 0.17 per cent to 3665.85 while the DSE-20 blue chip index lost 20.32 points or 0.79 per cent to 2538.24.
Most of the issues declined pulling down the day's turnover to Tk 6.78 billion, down more than 8.0 per cent over the previous session.
The Grameenphone -also the country's largest private company in sales and most weighted share in the DSE -- gained enough in a late afternoon surge to keep the general index in the black, said BRAC-EPL, an investment bank, in its market analysis.
The company, which accounts for around 16.34 per cent of Dhaka Stock Exchange's market capitalisation, closed higher for the fourth consecutive session, rising 1.28 per cent to end at Tk 182.50.
Mutual funds were big losers in the wake of Securities and Exchange Commission's order to wind down closed-end non-tenured mutual funds by 2011.
The MFs shed 5.31 per cent with at least four funds losing more than 10 per cent.
Mutual funds including the 6th ICB, the 1st BSRS, the 7th ICB, the 8th ICB, the 5th ICB, the 2nd ICB, the 4th ICB, ICB 1st NRB and ICB Islamic were the major losers.
"The investors are direction-less, which was reflected in higher intra-day volatility. It is an ominous sign for the market," said a fund manger.
The banking sector went down for the second straight session, losing 0.91 per cent with Rupali Bank falling highest 11.49 per cent, a day after the finance ministry rejected the state-owned bank's proposal to issue right shares.
Other top sectors including energy and non-banking financial institutions, cement and tannery declined. Pharmaceuticals and insurers were marginally up.
Grameenphone was the top turnover leader with shares worth Tk 287.11 million changing hands.
Beximco, Prime Bank, Jamuna Oil, AB Bank, Lanka Bangla Finance, Maksons Spinning , Titas Gas, Marico and First Lease International were the leading turnover leaders.
Fu-Wang Food, Bangladesh Computers, Apex Foods, Delta Spinning, Savar Refractories, Delta Spinners, Savar Refractories, Central Insurance, First Lease International, Global Insurance, Mithun Knitting and Libra Infusion were the major gainers.
Dhaka stocks made marginal gain amid volatile trading Thursday, lifted by the country's largest mobile operator, Grameenphone.
The market saw a roller-coaster ride, going up and down thorough out the session. It recovered in the final minutes spurred by late gains by Grameenphone.
The benchmark DSE General Index (DGEN) closed at 4429.18 with a meager increase of 1.11 points or 0.02 per cent.
The broader DSE All Shares Price Index (DSI) shed 6.30 points or 0.17 per cent to 3665.85 while the DSE-20 blue chip index lost 20.32 points or 0.79 per cent to 2538.24.
Most of the issues declined pulling down the day's turnover to Tk 6.78 billion, down more than 8.0 per cent over the previous session.
The Grameenphone -also the country's largest private company in sales and most weighted share in the DSE -- gained enough in a late afternoon surge to keep the general index in the black, said BRAC-EPL, an investment bank, in its market analysis.
The company, which accounts for around 16.34 per cent of Dhaka Stock Exchange's market capitalisation, closed higher for the fourth consecutive session, rising 1.28 per cent to end at Tk 182.50.
Mutual funds were big losers in the wake of Securities and Exchange Commission's order to wind down closed-end non-tenured mutual funds by 2011.
The MFs shed 5.31 per cent with at least four funds losing more than 10 per cent.
Mutual funds including the 6th ICB, the 1st BSRS, the 7th ICB, the 8th ICB, the 5th ICB, the 2nd ICB, the 4th ICB, ICB 1st NRB and ICB Islamic were the major losers.
"The investors are direction-less, which was reflected in higher intra-day volatility. It is an ominous sign for the market," said a fund manger.
The banking sector went down for the second straight session, losing 0.91 per cent with Rupali Bank falling highest 11.49 per cent, a day after the finance ministry rejected the state-owned bank's proposal to issue right shares.
Other top sectors including energy and non-banking financial institutions, cement and tannery declined. Pharmaceuticals and insurers were marginally up.
Grameenphone was the top turnover leader with shares worth Tk 287.11 million changing hands.
Beximco, Prime Bank, Jamuna Oil, AB Bank, Lanka Bangla Finance, Maksons Spinning , Titas Gas, Marico and First Lease International were the leading turnover leaders.
Fu-Wang Food, Bangladesh Computers, Apex Foods, Delta Spinning, Savar Refractories, Delta Spinners, Savar Refractories, Central Insurance, First Lease International, Global Insurance, Mithun Knitting and Libra Infusion were the major gainers.