Insurance sector issues lead Dhaka stocks' gain
FE Report | Wednesday, 18 June 2008
Dhaka stocks gained slightly Tuesday led by insurance sector issues for the second day in a row, amid a persistent decline in the turnover.
Trading on the Dhaka Stock Exchange (DSE) was positive for the opening hour. But later it went into the red for a brief period due to halting trading in shares of nine insurance companies because of their unusual price movements. However, it was back in the positive territory towards close of the trade.
All the market barometers - DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 Index (DS20)- gained 6.13 points, 5.62 points and 2.69 points to close at 3046.93, 2585.24 and 2540.30 respectively.
The market gained ground on the day as the investors found prices of some issues lucrative, according to market operators.
Dominated by almost both losers and gainers, the total market turnover declined to Tk 2.40 billion (240 crore) from the previous day's Tk 2.42 billion.
The gainers outnumbered the losers as out of 233 issues traded, 116 gained, 105 declined and 12 remained unchanged.
The market capitalisation, however, rose to Tk 881.02 billion from the previous Tk 875.10 billion.
Of the top ten gainers, eight came from the insurance sector and one from among the mutual funds.
The share price of Agrani Insurance posted the biggest gain of 15.51 per cent, followed by Mercantile Insurance with 13.51 per cent, Continental Insurance 13.05 per cent, Nitol Insurance 11.88 per cent, Paramount Insurance 11.74 per cent, Eastern Insurance 11.78 per cent, 8th ICB 11.23 per cent, Central Insurance 10.52 per cent and Pioneer Insurance 9.09 per cent.
'The market remained somewhat depressed as the investors were beset with suspended animation due to induced activities,' said a capital market analyst.
He said rumour mongering should immediately be stopped for sustainable improvement of the market.
'The authorities should find out the sources of the rumours, on which prices of some particular issues behave unusually, otherwise there will be no benefit in halting trading in shares of the companies,' he added.
The share price of Beximco Pharma posted a gain of 1.46 per cent to close at Tk 96.90, making it the top turnover leader with shares worth Tk 233.76 million traded.
The Square Pharma was the second top turnover leader with shares worth Tk 100.84 million traded. Its share price fell 0.50 per cent to end at Tk 5,164.00.
Beximco, AIMS First Mutual Fund, Shahjalal Bank, Lanka Bangla Finance, S Alam Cold Rolled Steels Limited, BRAC Bank, Padma Oil and AB Bank were the other next turnover leaders.
Trading on the Dhaka Stock Exchange (DSE) was positive for the opening hour. But later it went into the red for a brief period due to halting trading in shares of nine insurance companies because of their unusual price movements. However, it was back in the positive territory towards close of the trade.
All the market barometers - DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 Index (DS20)- gained 6.13 points, 5.62 points and 2.69 points to close at 3046.93, 2585.24 and 2540.30 respectively.
The market gained ground on the day as the investors found prices of some issues lucrative, according to market operators.
Dominated by almost both losers and gainers, the total market turnover declined to Tk 2.40 billion (240 crore) from the previous day's Tk 2.42 billion.
The gainers outnumbered the losers as out of 233 issues traded, 116 gained, 105 declined and 12 remained unchanged.
The market capitalisation, however, rose to Tk 881.02 billion from the previous Tk 875.10 billion.
Of the top ten gainers, eight came from the insurance sector and one from among the mutual funds.
The share price of Agrani Insurance posted the biggest gain of 15.51 per cent, followed by Mercantile Insurance with 13.51 per cent, Continental Insurance 13.05 per cent, Nitol Insurance 11.88 per cent, Paramount Insurance 11.74 per cent, Eastern Insurance 11.78 per cent, 8th ICB 11.23 per cent, Central Insurance 10.52 per cent and Pioneer Insurance 9.09 per cent.
'The market remained somewhat depressed as the investors were beset with suspended animation due to induced activities,' said a capital market analyst.
He said rumour mongering should immediately be stopped for sustainable improvement of the market.
'The authorities should find out the sources of the rumours, on which prices of some particular issues behave unusually, otherwise there will be no benefit in halting trading in shares of the companies,' he added.
The share price of Beximco Pharma posted a gain of 1.46 per cent to close at Tk 96.90, making it the top turnover leader with shares worth Tk 233.76 million traded.
The Square Pharma was the second top turnover leader with shares worth Tk 100.84 million traded. Its share price fell 0.50 per cent to end at Tk 5,164.00.
Beximco, AIMS First Mutual Fund, Shahjalal Bank, Lanka Bangla Finance, S Alam Cold Rolled Steels Limited, BRAC Bank, Padma Oil and AB Bank were the other next turnover leaders.